Vale (NYSE: VALE) director Marcelo reports ADS stake and put option

Rhea-AI Filing Summary

Vale S.A. director Gasparino da Silva Marcelo filed an initial insider ownership report showing indirect holdings through M Gaspa Corp. The filing lists 57,000 Vale common shares held indirectly and a put option giving the right to sell 25,000 common shares at an exercise price of $15.0000 per share, expiring on September 18, 2026. The common shares are held in the form of American Depositary Shares, each representing one Vale common share.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Gasparino da Silva Marcelo

(Last) (First) (Middle)

PRAIA DE BOTAFOGO 186

19TH FLOOR BOTAFOGO

(Street)

RIO DE JANEIRO RIO DE JANEIRO 22250145

(City) (State) (Zip)

BRAZIL

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Vale S.A. [ VALE ]

3a. Foreign Trading Symbol
[VALE3]

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Shares(1)	57,000	I	By M Gaspa Corp.

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Put Option (right to sell)	02/18/2026	09/18/2026	Common Shares(1)	25,000	$15	I	By M Gaspa Corp.

Explanation of Responses:

1. The Common Shares reported herein are held in the form of American Depositary Shares, each of which represents the right to receive one Common Share of Vale S.A.

Remarks:

Exhibit 24 - Power of Attorney

	/s/ Thiago Kiill Lofiego, Attorney-in-fact	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What insider holdings does Vale (VALE) director Gasparino da Silva Marcelo report on this Form 3?

The Form 3 shows Gasparino da Silva Marcelo indirectly holding 57,000 Vale common shares through M Gaspa Corp. These shares are in the form of American Depositary Shares, each representing one Vale common share of Vale S.A.

What derivative position related to Vale (VALE) does Gasparino da Silva Marcelo disclose?

He discloses an indirect put option on 25,000 Vale common shares with an exercise price of $15.0000 per share. The option expires on September 18, 2026 and is held through M Gaspa Corp.

Are the Vale (VALE) shares held directly or indirectly by Gasparino da Silva Marcelo?

The reported Vale common shares are held indirectly by M Gaspa Corp. The Form 3 specifies the nature of ownership as "By M Gaspa Corp.," indicating the holdings are through this entity rather than in Marcelo’s personal name.

How many Vale (VALE) shares underlie the reported put option for Gasparino da Silva Marcelo?

The reported put option covers 25,000 underlying Vale common shares. This derivative position gives the right to sell those shares at an exercise price of $15.0000 per share before its expiration on September 18, 2026.

In what form are Gasparino da Silva Marcelo’s Vale (VALE) common shares held?

The filing notes the common shares are held as American Depositary Shares. Each American Depositary Share represents the right to receive one Vale S.A. common share, linking U.S.-traded ADS units to underlying Brazilian shares.