TORONTO,Dec. 3,2024 -- Vale Base Metals has completed construction and commissioning of its US$2.94 billionVoisey's Bay Mine Expansion Project in northern Labrador,a major milestone that will increase production of nickel in concentrate to 45,000 tonnes per year (45 ktpy) – a critical mineral essential to security of supply,economic independence and the energy transition.

The expansion project transitioned Voisey's Bay from open pit to underground mining. The project involved the development of two underground mines – Reid Brook and Eastern Deeps – which will deliver concentrate for processing at the company's Long Harbour Processing Plant,one of the lowest-emission nickel processing plants in the world.

In addition to the increased nickel production,the project will add 20 ktpy of copper and 2.6 ktpy of cobalt. Full ramp-up of the project is expected in the second half of 2026.

These critical minerals,delivered from a stable jurisdiction with a long history of support for mining,are shipped globally for industrial uses including defense manufacturing,battery electric vehicles,and clean energy infrastructure. Voisey's Bay is a major supplier of nickel to the United States.

The project completion also represents a crucial milestone for enhancing the competitiveness of the company's Canadian operations and will contribute to reducing unit costs in the nickel business segment.

"The successful completion of the Voisey's Bay expansion demonstrates our commitment to unlocking the value of our endowment and delivering responsibly produced nickel to global markets," said Shaun Usmar,CEO of Vale Base Metals,the critical minerals subsidiary of Vale SA (NYSE: Vale).

"Ensuring local economic benefits fromVoisey's Bay remains a key priority for the company,and we are proud of the collaborative relationship we have with Indigenous Partners,Innu Nation & Nunatsiavut Government,on whose traditional lands the Voisey's Bay complex is located."

With the completion of the expansion,the number of direct employees at Voisey's Bay now stands at 1,100,up from about 600 pre-expansion. At the peak of the expansion project,3,400 direct and indirect employees worked at Voisey's Bay.

This project underscores Vale Base Metals' commitment to serve as a catalyst for social and economic growth including local employment,procurement,capacity-building,Indigenous partnership,and shared benefits for our stakeholders.

"I want to acknowledge and thank the many teams who helped to bring this complex project safely and successfully to completion," Usmar said. "I'm proud that Voisey's Bay will continue to generate shared value for the business and for the people of Newfoundland and Labrador for many years to come."

Voisey's Bay entered production in 2005 and,with the completion of the expansion project,will continue to be an important engine of economic growth in Newfoundland & Labrador and provide low-carbon,high-purity nickel for many years to come.

About Vale Base Metals

Vale Base Metals,the business line for Vale's energy transition metals business,is one of the world's largest producers of high-quality nickel and an important producer of copper and responsibly sourced cobalt. With a corporate presence in Toronto,Canada,and operations in Newfoundland & Labrador,Ontario,

Manitoba,Indonesia,Brazil,the U.K. and Japan,the business delivers critical building blocks for a cleaner,greener future.

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Contact:Media Relations Office – Vale Base Metals,media.valebasemetals@vale.com