Vale S.A. (VALE) revises 2026 cost ranges and metal output

Rhea-AI Filing Summary

Vale S.A. updated its 2026 unit cost and production estimates. For 2026, C1 cash cost of iron ore is now estimated at 22.5–23.5 US$/t, compared with 20.0–21.5 US$/t previously, and all-in iron ore cost at 58–62 US$/t, versus 52–56 US$/t.

The all-in cost range for copper was revised to 0–500 US$/t from 1,000–1,500 US$/t, and for nickel to 10,000–11,500 US$/t from 12,000–13,500 US$/t. Estimated 2026 production volumes are 360–380 kt of copper and 185–200 kt of nickel. These estimates assume an average USD/BRL exchange rate of 5.13, Brent at US$86/bbl and specific gold, copper, cobalt, platinum and palladium prices, and are described as forward-looking statements that may differ from actual results.

Key Figures

C1 cash cost of iron ore 2026: 22.5–23.5 US$/t All-in iron ore cost 2026: 58–62 US$/t All-in copper cost 2026: 0–500 US$/t +5 more

8 metrics

C1 cash cost of iron ore 2026 22.5–23.5 US$/t New 2026 estimate range; previously 20.0–21.5 US$/t

All-in iron ore cost 2026 58–62 US$/t New 2026 estimate range; previously 52–56 US$/t

All-in copper cost 2026 0–500 US$/t New 2026 estimate range; previously 1,000–1,500 US$/t

All-in nickel cost 2026 10,000–11,500 US$/t New 2026 estimate range; previously 12,000–13,500 US$/t

Copper production 2026 360–380 kt Updated 2026 estimated production volume; previously 350–380 kt

Nickel production 2026 185–200 kt Updated 2026 estimated production volume; previously 175–200 kt

FX assumption 2026 USD/BRL 5.13 Average exchange rate assumption for 2026 cost estimates

Brent price assumption 2026 US$86/bbl Average Brent price assumption for 2026 cost estimates

Key Terms

C1 cash cost, All-in iron ore cost, Reference Form, forward-looking statements, +1 more

5 terms

C1 cash cost financial

"C1 cash cost of iron ore includes main direct production costs"

C1 cash cost is a per-unit measure of the direct cash outlay required to produce a commodity, covering day-to-day expenses like extraction, processing and on-site labor but typically excluding long-term investments such as major equipment replacement or development projects. Investors use it like a baker watching the cost of ingredients per loaf: it shows operating efficiency and helps compare producers’ short-term profitability and cash generation before bigger capital needs are considered.

All-in iron ore cost financial

"All-in iron ore cost includes direct costs, freight, expenses and premiums"

Reference Form regulatory

"All other estimates disclosed in Item 3 of its Reference Form remain unchanged"

forward-looking statements regulatory

"Information constitutes estimates and forward-looking statements based on assumptions and data"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

CVM Resolution No. 80/2022 regulatory

"Item of the Reference Form will be refiled in accordance with CVM Resolution No. 80/2022"

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FAQ

What 2026 iron ore cost estimates did Vale (VALE) update?

Vale now estimates 2026 C1 cash cost of iron ore at 22.5–23.5 US$/t and all-in iron ore cost at 58–62 US$/t. Previously, the ranges were 20.0–21.5 US$/t for C1 cash cost and 52–56 US$/t for all-in cost.

How did Vale (VALE) change its 2026 copper and nickel cost estimates?

Vale reduced its 2026 all-in copper cost estimate to 0–500 US$/t from 1,000–1,500 US$/t and its all-in nickel cost to 10,000–11,500 US$/t from 12,000–13,500 US$/t. These ranges reflect updated assumptions for metal prices and operating conditions.

What are Vale (VALE)'s updated 2026 copper and nickel production volumes?

Vale now estimates 2026 copper production at 360–380 kt and nickel production at 185–200 kt. Previous estimates were 350–380 kt for copper and 175–200 kt for nickel, indicating higher expected minimum volumes for both metals.

What FX and price assumptions underpin Vale (VALE)'s 2026 cost estimates?

The 2026 cost estimates assume an average USD/BRL 5.13 exchange rate and Brent at US$86/bbl. They also use gold at US$4,390 per troy ounce, and specific prices for copper, cobalt, platinum and palladium to derive all-in copper and nickel costs.

Do other estimates in Vale (VALE)'s Reference Form change with this update?

Vale states that all other estimates disclosed in Item 3 of its Reference Form remain unchanged. That item will be refiled later to incorporate the revised cost and volume estimates, following the timetable set in CVM Resolution No. 80/2022.

How does Vale (VALE) describe the risks around its 2026 estimates?

Vale describes the updated figures as estimates and forward-looking statements based on assumptions and hypothetical data. It notes actual results may differ materially due to market conditions, macroeconomic factors, operational performance and risks discussed in reports filed with the CVM and SEC.

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

July 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 ¨

   Vale informs on estimates update Rio de Janeiro, July 30, 2026 – Vale S.A. (“Vale” or the “Company”) informs that it has updated the estimates described below, which should be considered as follows: Costs components (US$/t), in nominal terms 2026 new 2026 previous C1 cash cost of iron ore (1) (2) 22.5 - 23.5 20.0 – 21.5 All-in iron ore cost (3) 58 - 62 52 – 56 All-in copper cost (1) (4) 0 – 500 1,000 – 1,500 All-in nickel cost (1) (5) 10,000 - 11,500 12,000 – 13,500 (1) Assumes an average USD/BRL exchange rate of 5.13 and an average Brent price of US$86/bbl for the year. (2) Includes the main direct production costs, such as mining, processing, railroad, and port costs. Does not include third-party purchases. (3) Includes the main direct production costs, such as mining, processing, railroad, and port costs, as well as freight, expenses, iron ore all-in premium, and others. Does not include third-party purchases. (4) Assumes an average gold price of US$4,390 per troy ounce for 2026. (5) Assumes the following average prices for the year: US$13,236/t for copper, US$56,334/t for cobalt, US$1,824 per troy oz of platinum, and US$1,394 per troy oz of palladium. Estimated production volumes (kt) 2026 new 2026 previous Copper 360-380 350-380 Nickel 185-200 175-200 All other estimates disclosed by the Company in Item 3 of its Reference Form remain unchanged. The aforementioned item of the Reference Form will be refiled in due course to reflect the updates described above, in accordance with the deadline set forth in CVM Resolution No. 80/2022. Vale clarifies that the information disclosed in this Press Release constitutes estimates and forward-looking statements prepared based on assumptions and hypothetical data and does not represent promise, guarantee, or commitment of performance by the Company or its management. Actual results may differ materially due to market conditions, macroeconomic factors, operational performance, and other risks described in the Company’s periodic filings with the CVM and the SEC. 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. Press Release

 

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: July 30, 2026		Director of Investor Relations