# EDGAR Filing Document

**Accession Number:** 0000917851
**File Stem:** 0001292814-25-004309
**Filing Date:** 2025-12
**Character Count:** 68500
**Document Hash:** d3918cd8d75925e11b37258944309924
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001292814-25-004309.hdr.sgml**: 20251217

**ACCESSION NUMBER**: 0001292814-25-004309

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 34

**FILED AS OF DATE**: 20251217

**DATE AS OF CHANGE**: 20251217

**EFFECTIVENESS DATE**: 20251217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vale S.A.
- **CENTRAL INDEX KEY:** 0000917851
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292195
- **FILM NUMBER:** 251578460

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** PRAIA DE BOTAFOGO, 186
- **CITY:** RIO DE JANEIRO
- **PROVINCE COUNTRY:** D5
- **BUSINESS PHONE:** 55 21 3485-3900

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** PRAIA DE BOTAFOGO, 186
- **CITY:** RIO DE JANEIRO
- **PROVINCE COUNTRY:** D5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Companhia Vale do Rio Doce
- **DATE OF NAME CHANGE:** 20051108

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VALLEY OF THE RIO DOCE CO
- **DATE OF NAME CHANGE:** 20020129

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VALLEY OF THE DOCE RIVER CO
- **DATE OF NAME CHANGE:** 19950602

**As filed with the Securities and Exchange Commission on December 17, 2025**

**Registration No. 333-**

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM S-8** 

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** 

**Vale S.A.**

(Exact name of registrant as specified in its charter)

**N.A.**

(Translation of Registrant's name into English)

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| | |
|:---|:---|
| **The Federative Republic of Brazil** | **N/A** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

**Praia de Botafogo 186 -**

**offices 901, 1101, 1601 (part), 1701 and 1801 - Botafogo<br> Rio de Janeiro, RJ, Brazil**

(Address of Registrant's Principal Executive Offices)

**Share-Based Compensation Plan**

(Full title of the Plans)

**Cogency Global Inc.**

**122 East 42nd Street, 18th Floor, New York, NY 10168**

**(800) 221-0102**

(Telephone number, including area code, of agent for service)

*Copies to:*

***Julia L. Petty***

***Cleary Gottlieb Steen & Hamilton LLP***

***One Liberty Plaza***

***New York, NY 10006***

***+1 (212) 225-2000***

 ****

 ****

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |

---

Emerging growth

Company ☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**EXPLANATORY NOTE** 

This Registration Statement relates to the registration of 7,569,827 shares, par value US$0.000 per share (the "<u>Common Stock</u>"), of the Registrant to be offered and sold under the Share-Based Compensation Plan.

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

&nbsp;&nbsp; <br> The document(s) containing the information specified in Part I will be sent or given to employees as specified by Rule 428(b)(1) (§230.428(b)(1)). Such documents are not being filed with the Securities and Exchange Commission (the "<u>Commission</u>") either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 (§230.424). These documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II hereof, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act. *See* Rule 428(a)(1) (§230.428(a)(1)).<br>

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**<br> The rules of the Commission allow us to incorporate by reference information into this Registration Statement. The information incorporated by reference is considered to be a part of this Registration Statement, and information that we file later with the Commission will automatically update and supersede this information. This Registration Statement incorporates by reference the documents listed below. In addition, any Report on Form 6-K of the Registrant hereafter furnished to the Commission pursuant to the Exchange Act shall be incorporated by reference into this Registration Statement if and to the extent provided in such document.<br>

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;(a) | &nbsp;&nbsp;The Registrant's annual report on Form 20-F for the fiscal year ended December 31, 2024, filed with the Commission on March 28, 2025 (File No. 001-15030), which includes the Registrant's audited consolidated financial statements as of December 31, 2024 and 2023. |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;All other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>") since December 31, 2024. |
| &nbsp;&nbsp; <br> All reports and other documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered hereby have been sold or which deregisters all securities remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such reports and other documents. Except as provided in the last sentence of the first paragraph of the section of this Registration Statement entitled "Item 3. Incorporation of Documents by Reference", nothing in this Registration Statement shall be deemed to incorporate any information provided in documents that is furnished (rather than filed) or is otherwise not deemed to be filed under applicable Commission rules. | &nbsp;&nbsp; <br> All reports and other documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered hereby have been sold or which deregisters all securities remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such reports and other documents. Except as provided in the last sentence of the first paragraph of the section of this Registration Statement entitled "Item 3. Incorporation of Documents by Reference", nothing in this Registration Statement shall be deemed to incorporate any information provided in documents that is furnished (rather than filed) or is otherwise not deemed to be filed under applicable Commission rules. |

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**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

None.

**Item 6. Indemnification of Directors and Officers.**

Neither the laws of Brazil nor Vale's bylaws or other constitutive documents provide for indemnification of directors and officers. Under the Brazilian Civil Code, a person engaged in an illegal action must indemnify any third person that incurred losses or damages arising from such illegal action. Vale has also entered into an indemnification agreement with each of its directors and officers, providing for indemnification for losses incurred by such director or officer as a result of actions or omissions in the performance of his or her functions or as a result of being a director or officer of Vale, subject to certain exceptions. Vale maintains standard policies of insurance under which coverage is provided (a) to its directors and officers against loss rising from claims made by reason of breach of duty or other wrongful act, and (b) to Vale itself with respect to payments which may be made by Vale to such officers and directors pursuant to the above indemnification provisions or otherwise as a matter of law.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8.** **Exhibits.**

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| | |
|:---|:---|
| &nbsp;&nbsp; **Exhibit** <br> **Number** | &nbsp;&nbsp; <br> **Description of Document** |
| &nbsp;&nbsp;[4.1](https://www.sec.gov/Archives/edgar/data/917851/000129281424001463/ex01.htm)‡ | &nbsp;&nbsp;<u>[Bylaws of the Registrant (filed as an exhibit to the Registrant's Annual Report on Form 20-F for the fiscal year ended December 31, 2023 (File No. 001-15030) and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/917851/000129281424001463/ex01.htm)</u> |
| &nbsp;&nbsp;[4.2](ex04-2.htm)\* | &nbsp;&nbsp; <u>[Share-Based Compensation Plan](ex04-2.htm)</u><br>|
| &nbsp;&nbsp;[5.1](ex05-1.htm)\* | &nbsp;&nbsp;<u>[Opinion of Barbosa Müssnich Aragão Advogados](ex05-1.htm)</u> |
| &nbsp;&nbsp;[23.1](ex05-1.htm)\* | &nbsp;&nbsp;<u>[Consent of Barbosa Müssnich Aragão Advogados (included in Exhibit 5.1)](ex05-1.htm)</u> |
| &nbsp;&nbsp;[23.2](ex23-2.htm)\* | &nbsp;&nbsp;<u>[Consent of PricewaterhouseCoopers Auditores Independentes](ex23-2.htm)</u> |
| &nbsp;&nbsp;[24.1](#a_001)\* | &nbsp;&nbsp;<u>[Power of Attorney (included in the signature page to this Registration Statement)](#a_001)</u> |
| &nbsp;&nbsp;[107](ex-107.htm)\* | &nbsp;&nbsp;<u>[Filing Fee Tables for Form S-8](ex-107.htm)</u> |

---

\*Filed herewith

‡ Incorporated herein by reference

**Item 9. Undertakings.**

(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

*Provided*, *however*, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration statement is on Form S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the Registration Statement shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Brazil, on December 17, 2025.

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| | |
|:---|:---|
| Vale S.A. | Vale S.A. |
| By: | /s/ Gustavo Duarte Pimenta |
|  | Name: Gustavo Duarte Pimenta |
|  | Title: Chief Executive Officer<br>|
| By: | /s/ Marcelo Feriozzi Bacci |
|  | Name: Marcelo Feriozzi Bacci |
|  | Title: Executive Vice President, Finance and Investor Relations<br>|

---

**POWER OF ATTORNEY**

We, the undersigned directors and officers of Vale S.A. (the "<u>Company</u>"), do hereby severally constitute and appoint Gustavo Duarte Pimenta and Marcelo Feriozzi Bacci, each our true and lawful attorneys and agents, to do any and all acts and things in our name and on our behalf in our capacities as directors and officers and to execute any and all instruments for us and in our names in the capacities indicated below, which said attorneys and agents, or any of them, may deem necessary or advisable to enable said Company to comply with the Securities Act of 1933, as amended (the "<u>Securities Act</u>") and any rules, regulations and requirements of the Securities and Exchange Commission, in connection with the Registration Statement of the Company on Form S-8 including specifically, but without limitation, power and authority to sign for us or any of us in our names in the capacities indicated below, any and all amendments (including post-effective amendments) hereto; and we do each hereby ratify and confirm all that said attorneys and agents, or any one of them, shall do or cause to be done by virtue hereof. This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the indicated capacities as of December 17, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Signatures** | &nbsp;&nbsp;**Title** |
| &nbsp;&nbsp;/s/ Gustavo Duarte Pimenta |  |
| &nbsp;&nbsp;Gustavo Duarte Pimenta | &nbsp;&nbsp;Chief Executive Officer |
| &nbsp;&nbsp;/s/ Marcelo Feriozzi Bacci |  |
| &nbsp;&nbsp;Marcelo Feriozzi Bacci | &nbsp;&nbsp;Executive Vice President, Finance and Investor Relations |
| &nbsp;&nbsp;/s/ Daniel André Stieler |  |
| &nbsp;&nbsp;Daniel André Stieler | &nbsp;&nbsp;Chairman of the Board of Directors |
| &nbsp;&nbsp;Marcelo Gasparino da Silva | &nbsp;&nbsp;Vice Chairman and independent member of the Board of Directors |
| &nbsp;&nbsp;/s/ André Viana Madeira |  |
| &nbsp;&nbsp;André Viana Madeira | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;/s/ Anelise Quintão Lara |  |
| &nbsp;&nbsp;Anelise Quintão Lara | &nbsp;&nbsp;Independent Director |
| &nbsp;&nbsp;Fernando Jorge Buso Gomes | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;/s/ Franklin Lee Feder |  |
| &nbsp;&nbsp;Franklin Lee Feder | &nbsp;&nbsp;Independent Director |
| &nbsp;&nbsp;Heloísa Belotti Bedicks | &nbsp;&nbsp;Independent Director |
| &nbsp;&nbsp;/s/ João Luiz Fukunaga |  |
| &nbsp;&nbsp;João Luiz Fukunaga | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;/s/ Manuel Lino Silva de Sousa Oliveira |  |
| &nbsp;&nbsp;Manuel Lino Silva de Sousa Oliveira | &nbsp;&nbsp;Independent Director |
| &nbsp;&nbsp;/s/ Rachel de Oliveira Maia |  |
| &nbsp;&nbsp;Rachel de Oliveira Maia | &nbsp;&nbsp;Independent Director |
| &nbsp;&nbsp;/s/ Reinaldo Duarte Castanheira Filho |  |
| &nbsp;&nbsp;Reinaldo Duarte Castanheira Filho | &nbsp;&nbsp;Independent Director |
| &nbsp;&nbsp;/s/ Shunji Komai |  |
| &nbsp;&nbsp;Shunji Komai | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;/s/ Wilfred Theodoor Bruijn |  |
| &nbsp;&nbsp;Wilfred Theodoor Bruijn | &nbsp;&nbsp;Independent Director |

---

**SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE OF THE REGISTRANT**

Pursuant to the Securities Act, the undersigned, the duly authorized representative in the United States of the registrant has signed this Registration Statement on December 17, 2025.

---

| | |
|:---|:---|
| Cogency Global Inc. | Cogency Global Inc. |
| Authorized U.S. Representative | Authorized U.S. Representative |
| By: | <u>/s/ Colleen A. De Vries</u> |
| Name: | &nbsp;&nbsp;Colleen A. De Vries |
| Title: | &nbsp;&nbsp;Sr. Vice President on behalf of Cogency Global Inc. |

---

## Exhibit 4.2

1 SHARE-BASED COMPENSATION PLAN VALE S.A. proposes to revise the Share-Based Compensation Plan approved at the Ordinary and Extraordinary General Meetings held on April 30, 2021, with the aim of making it more comprehensive, including other remuneration preserving certain essential objectives, such as: ▪ To focus management efforts on creating long-term, sustainable value for Vale, aligning the interests of executives and shareholders; ▪ To encourage the retention of the company's senior leadership; and ▪ To stimulate the exposure of participants to Vale's business risks, reflected (i) in the Share value over time and (ii) in performance conditions that leverage (or reduce) the award to Participants, based on performance indicators defined by the Board of Directors related to Vale's strategic pillars, such as TSR (Total Shareholder Return), ROIC (Return On Invested Capital) and ESG (Environmental, Social and Governance) indicators, focused on Health and Safety and Sustainability indicators over the cycle period, with market and financial indicators having the greatest weight in the composition of performance. The Plan will cover not only the concept of Performance Shares, but also Restricted Shares, considering spot incentives for these modalities. It is worth highlighting the updating points identified and included in the proposed Plan: ▪ The concept of "Performance Shares" linked to spot incentives and "Restricted Shares" makes the Plan more robust as an element for retaining, attracting and leveraging sustainable results; ▪ To reinforce the sense of "company owner" on the participants; ▪ To reinforce a culture of long-term sustainable performance; ▪ To increase Vale's capacity to retain its talents and attract high-performance employees; and ▪ To provide flexibility to use multiple concepts, effectively addressing specific situations. 2 SHARE-BASED COMPENSATION PLAN 1. Provide a copy of the proposed Plan Presented in Appendix A. 2. Inform the main characteristics of the proposed Plan, identifying: Vale S.A.1 ("Vale" or "Company") will have a Share-Based Compensation Plan2 ("Plan"), which includes Performance Shares and Restricted Shares, including programs linked to spot incentives, for Directors3 and Vale´s employees and of certain entities and controlled or affiliated companies of the Vale System ("Participants"). The proposal presented aims to create a more comprehensive Share-Based Compensation Plan, including remuneration models in the concept of Performance Shares (Performance Share Unit Program - PSU) and Restricted Shares (Matching Program), including Performance Shares and Restricted Shares programs linked to spot incentives, in all cases allowing the payment of awards in real Shares issued by the Company at market price. ▪ Performance Shares: long-term incentive based on Shares in which the number of Shares to be granted, after the three-year cycle, is realized only if certain Vale´s performance conditions are met. At Vale, this incentive is called Performance Share Unit Program - PSU. In addition, other Performance Shares programs linked to spot incentives for attraction, retention and/or spot incentives that involves relevant deliveries and projects or other initiatives that meet specific performance needs or bring differentiated value to the Company may be used. The maximum number of shares covered must comply with the percentages of the Company's stock capital described in item 2.c. ▪ Restricted Shares: This modality, known internationally as RSUs (Restricted Share Units), is one of the fastest growing practices in the market and has established itself as an effective way of aligning interests and boosting the attraction and retention of talent, by attaching conditions to the release of shares to the participant. This incentive at Vale is called the Matching Program which focuses on sustainable results and long-term value creation, share appreciation, leadership retention and attracting high-performance employees globally. 1 Vale S.A. and certain entities and controlled or affiliated companies of the Vale System, generically referred to in this document as Vale or the Company. 2 Shares means shares issued by Vale traded on B3 S.A. - Brasil, Bolsa, Balcão in Brazil and American Depositary Receipts ("ADRs") issued by Vale traded on the New York Stock Exchange. 3 Directors means members of Vale's Executive Committee or members of the statutory board or equivalent in certain entities and controlled or affiliated companies of the Vale System included in the Plan. 3 The Participant must acquire a certain number of Shares, using their own resources (that may or not come from variable compensation), and/or transferring Shares they own4 and remain with the Company for a certain period (minimum of three years) and keep the Shares under their ownership for the duration of the Program, to receive Shares at the end of the cycle. After the award, the restriction on the Shares owned by the Participant is lifted, and the awarded Shares have no restrictions. In addition, other Restricted Share programs linked to spot incentives for attraction, retention and/or incentives that involves relevant deliveries and projects or other initiatives that meet specific performance needs or bring differentiated value to the Company may be used. The maximum number of shares covered must comply with the percentages of the Company's stock capital described in item 2.c. 2.a. Potential beneficiaries Participants who meet the conditions described below will be eligible for the Plan: ▪ Performance Share Unit Program - PSU: be active and working at Vale and/or certain entities and controlled or affiliated companies of the Vale System on December 31 of the year prior to the grant and on the date of delivery of the Grant Letter for each cycle, according to salary range / positions (senior manager to Executive Committee members). ▪ Restricted Shares - Matching Program: be active and working at Vale and/or certain entities and controlled or affiliated companies of the Vale System on December 31 of the year prior to the grant and on the grant date stipulated for each cycle, according to salary range / positions. Employees, from supervisors up to directors, must be indicated to participate by the immediate leadership and formally accept the conditions of the program. The participation of members of the Executive Committee in the Matching Program is mandatory throughout the Cycle. For other Performance Shares and Restricted Shares programs, spot incentives related to attraction, retention and initiatives that involve relevant deliveries and projects, or that meet specific performance needs and bring additional value to the Company, must have their participation and grant rules defined in the grant conditions, certain that they will include specific performance criteria to ensure that the interests of the beneficiaries are aligned with those of the shareholders. For Directors, the grant conditions will be established by the Board of Directors; for employees, the guidelines for the grant conditions will be established in their own administrative policy. The maximum number 4 Shares that are vested and clear and not linked to active programs. 4 of shares covered must comply with the percentages of the Company's stock capital described in item 2.c. 2.b. Maximum number of options to be granted Not applicable, as the Plan does not grant options, it provides the grant of the right to future awards in Shares. 2.c. Maximum number of Shares covered by the Plan The maximum number of Shares that will be subject to the Plan cannot exceed 0.5% of the shares representing the Company's Capital Stock. On 06/30/2024, the total number of representative Shares corresponded to 4,539,007,580 (four billion, five hundred and thirty-nine million, seven thousand, five hundred and eighty) of Shares issued by Vale. Thus, the total number of Shares covered by the Plan is limited to 22,695,037 (twenty-two million, six hundred and ninety-five thousand and thirty-seven) Shares. In addition, the limit of 0.1% of the Company's Capital Stock per fiscal year must also be considered. Based on the number of Shares that make up the Company's Capital Stock on 06/30/2024, the total number of Shares covered by the Plan in each fiscal year may be up to 4,539,007 (four million, five hundred and thirty-nine thousand and seven) Shares. 2.d. Acquisition Conditions The receipt of Shares and the number of Shares to be received by Participants is subject to the following criteria: ▪ Performance Share Unit Program - PSU: achievement of indicators5 previously approved by the Board of Directors, with pre-defined weights, considering that in the composition of performance, market and financial indicators are the most prevalent. These performance indicators must be related to Vale's main strategic themes, such as TSR (Total Shareholder Return), ROIC (Return On Invested Capital) and ESG (Environmental, Social and Governance) indicators, focused on Health and Safety and Sustainability indicators during the cycle period; ▪ Restricted Shares - Matching Program: be compliance with the conditions for remaining in the Program. The participation of Executive Committee members in the Matching Program is mandatory for the entire duration of the Cycle, investing with their own resources (that may or not come from variable compensation), and/or transferring Shares they already own. Other employees need to be indicated to participate by their immediate leadership, formally accept to the conditions of the program and invest with their own resources and/or by transferring Shares they already own. 5 The change in the indicators/composition of the performance condition must be approved by Vale's Board of Directors. 5 ▪ For other Performance Shares and Restricted Shares programs, linked to spot incentives, the guidelines established will be in the grant conditions, certain that they will include specific performance criteria to ensure that the interests of the beneficiaries are aligned with those of the shareholders. For Directors, the conditions will be established by the Board of Directors; for employees, the guidelines for the grant conditions will be established in their own administrative policy. The maximum number of shares covered must comply with the percentages of the Company's stock capital described in item 2.c. 2.e. Detailed criteria for setting the exercise price The purpose of the Plan is to deliver Treasury Shares from a buyback program or by purchasing Shares in the market on behalf of Participants eligible for the award. As indicated, this is not, therefore, a Stock Option Plan, in the terms of art. 168, § 3 of the Brazilian Law no. 6,404/76, but rather a share-based compensation plan that involves the delivery of shares, held in Treasury from a buyback program or through the purchase of Shares in the market on behalf of the Participants eligible for the award, subject to applicable legislation. This considered, there is no fixing of the acquisition or exercise price. 2.f. Criteria for fixing the exercise period Not applicable as this is not a stock option plan, in the terms of art. 168, § 3 of the Brazilian Law no. 6,404/76, but a long-term incentive program plan that implies the delivery of shares. Generally speaking: ▪ Performance Share Unit Program - PSU and Restricted Shares - Matching Program: minimum 3-year period ▪ For other Performance Shares and Restricted Shares programs, linked to spot incentives as guidelines established in grant conditions. For Directors, the conditions will be established by the Board of Directors; for employees, the guidelines for the grant conditions will be established in their own administrative policy. 2.g. Form of settlement of options Not applicable as this is not a stock option plan, in the terms of art. 168, § 3 of the Brazilian Law 6.404/76, but a long-term incentive program plan that implies the delivery of Treasury Shares from a buyback program or even through the purchase of Shares in 6 the market on behalf of the Participants eligible for the award, subject to applicable legislation. 2.h. Criteria and events that, when verified, will cause the suspension, alteration or extinction of the Plan In the event of dissolution, transformation, incorporation, merger, spin-off or reorganization involving the Company, in which the Company is not the remaining company or, if it is the remaining company, its Shares are no longer admitted to trading on the stock exchange, the Cycles in force, at the discretion of the Board of Directors, may: (i) be transferred to the successor company; (ii) be cancelled or remodeled; or (iii) be held and settled in cash. In the event of the Company's judicial reorganization, the Board of Directors may also determine the total or partial cancellation of the Plan or the change of the Programs of this Plan regarding the level of eligible employees, the components of the Participant's reference value, the duration of the cycle and the performance condition. 3. Justify the proposed Plan, explaining: 3.a. The main objectives of the Plan The Plan aims to: (a) focus management efforts on creating sustainable, long-term value for Vale, aligning the interests of Participants and shareholders; (b) align Vale's strategic objectives with the internal practices of the company's leadership; (c) bring Vale into line with current international market practices; (d) encourage the retention of the company's leadership; and (e) attract high-performing employees from the market. 3.b. The way the Plan contributes to these objectives The Plan is an important component in the Company's total compensation strategy, ensuring competitiveness with the market and maintaining Participants´ engagement in achieving the Company's performance and result conditions, as it will create the possibility for executives and employees to receive long-term incentives through Shares based on the achievement of strategic goals and aligning this benefit with the interests of shareholders in generating long-term value. 3.c. How the Plan fits into the company's compensation policy According to Vale's Directors Policy applicable to Directors/executives reporting directly to Vale's Board of Directors and according to the Human Resources Standard applicable to employees, compensation consists of fixed remuneration, short-term variable compensation and long-term variable compensation. For Directors, remuneration must be 7 linked to (i) economic and financial results achieved, (ii) the company's market value, (iii) Vale's key behaviors, and (iv) ESG metrics - Environmental, Social and Governance. The Plan is a Vale initiative that aims to offer managers and employees a package aligned with the practices, trends and conditions prevailing in the market and with a focus on the main strategic pillars of the Company. It is outlined with specific purposes and rules that make up an important part of the long-term award of the body of leaders of the company aligned with the interests of shareholders, focusing on sustainable results and generation of long-term value, in the valuation of the Company's Shares, the retention of leadership and the attraction of high-performance employees. 3.d. How the Plan aligns the interests of the beneficiaries and the company in the short, medium and long term The Plan aims to focus management efforts on creating sustainable, long-term value for Vale, aligning the interests of Participants and shareholders, in addition to encouraging the recruitment of high-performance executives and employees and the retention of the company's leadership. The duration of the long-term Share-based Incentive Programs favors the retention of Participants during this period. 4. Estimate the company's expenses resulting from the Plan, according to the accounting rules that address this matter The maximum number of Shares that will be subject to the Plan remains the same and cannot exceed 0.5% of the shares representing the Company's Capital Stock. On 06/30/2024, the total number of representative Shares corresponded to 4,539,007,580 (four billion, five hundred and thirty-nine million, seven thousand, five hundred and eighty) of Shares issued by Vale. Thus, the total number of Shares covered by the Plan is limited to 22,695,037 (twenty-two million, six hundred and ninety-five thousand and thirty-seven) Shares. In addition, the limit of 0.1% of the Company's Capital Stock per fiscal year must also be considered. Based on the number of Shares that make up the Company's Capital Stock on 06/30/2024, the total number of Shares covered by the Plan in each fiscal year may be up to 4,539,007 (four million, five hundred and thirty-nine thousand and seven) Shares. 8 APPENDIX A SHARE-BASED COMPENSATION PLAN Rewarding the Generation of Long-Term Value 1. About Incentives As part of Vale's initiative to offer its managers and employees a package remuneration aligned to the practices, trends and conditions prevailing in the market and focused on the company's main strategic pillars, the company makes use of Share-Based Compensation Programs with specific purposes and rules that make up an important part of the long-term compensation of the company's body of leaders aligned to the interests of the shareholders, focusing on sustainable results and long-term value creation. The Programs are a long-term reward mechanism offered to employees and Directors of Vale, who meet the eligibility conditions for participation. The incentives are governed by the criteria and rules established in this Plan and are intended to: ▪ Focus management efforts on creating sustainable, long-term value for Vale, aligning the interests of Participants and shareholders; ▪ Stimulate the exposure of participants to Vale's business risks, reflected (i) in the Share value over time and (ii) in performance conditions that leverage (or reduce) the award to Participants, based on performance indicators related to Vale's Strategic pillars, with market and financial indicators having the greatest weight in the composition of performance; ▪ Increase Vale's capacity to attract and retain talent and senior leadership; ▪ Stimulate the feeling of "company owner" on the participants; and ▪ Reinforce a culture of long-term sustainable performance 1.1. Eligibility conditions Directors6 and employees of Vale and of certain entities and controlled or affiliated companies of the Vale System who meet the conditions described below will be eligible to participate in the Long-Term Incentives: ▪ Performance Share Unit Program - PSU: be active and working at Vale and/or certain entities and controlled or affiliated companies of the Vale System on December 31 of the year prior to the grant and on the date of delivery of the Grant Letter for each cycle, according to salary range / positions (senior manager to Executive Committee members); 6 Directors means members of Vale's Executive Committee or members of the statutory board or equivalent in certain entities and controlled or affiliated companies of the Vale System included in the Plan. 9 ▪ Restricted Shares - Matching Program: be active and working at Vale and/or certain entities and controlled or affiliated companies of the Vale System on December 31 of the year prior to the grant and on the grant date stipulated for each cycle, according to salary range / positions. Employees, from supervisors up to directors, must be indicated to participate by the immediate leadership and formally accept the conditions of the program. The participation of members of the Executive Committee in the Matching Program is mandatory throughout the Cycle. ▪ For other Performance Shares and Restricted Shares programs, linked to spot incentives, eligibility will be in the grant conditions, certain that they will include specific performance criteria to ensure that the interests of the beneficiaries are aligned with those of the shareholders. For Directors, the conditions will be established by the Board of Directors; for employees, the guidelines for the grant conditions will be established in their own administrative policy. The maximum number of shares covered must comply with the percentages of the Company's stock capital described in item 2.c. 1.2. Key Features The main features are specified below: ▪ The Plan is based on Vale Shares traded on B3 S.A. - Brasil, Bolsa, Balcão ("B3") in Brazil, or ADRs (American Depositary Receipts) issued by Vale traded on the New York Stock Exchange ("NYSE") in the United States; ▪ Each Cycle lasts at least 3 years for Matching and PSU Programs and a specific period according to the guidelines for other incentives that use the concept of Performance Shares and Restricted Shares, linked to spot incentives; ▪ In the event of the payment of dividends and/or interest on equity by Vale, Participants in the PSU and Matching Programs will be entitled to "Virtual Dividends", which is a value related to the result of the number of Shares that the Participant will be entitled as an award at the end of the Cycle. This payment will be made in Shares at the same time as the award for each Cycle for the PSU Program and in cash throughout the period of each Cycle for Matching Program. For other Performance Shares and Restricted Shares programs linked to spot incentives, "Virtual Dividends" will only be paid if defined in the grant conditions; ▪ In the Matching Program, Participants acquire Vale Shares, using their own resources (that may or not come from variable compensation), and/or transferring Shares they already own. For the award paid by Vale at the end of the Cycle (minimum of three years), Participants must keep the Shares in their entirety and under their ownership throughout the duration of the Cycle, in the authorized brokers of the Program. ▪ The award may take place: 10 • after the end of the Cycle and subject to the achievement of the cycle's performance condition for the PSU Program, including the "Virtual Dividends" and the income tax withheld at source, via payroll gross-up, in compliance with the legislation in force; • after the end of the Cycle and on the condition of at least 1:1 of the shares that each Participant holds at the time of the award for the Matching Program, also including income tax withheld at source, via gross-up in the payroll, in compliance with the legislation in force; • according to the grant conditions that will include specific performance criteria to ensure that the interests of the beneficiaries are aligned with those of the shareholders, defined for each Participant in the case of other Performance Shares and Restricted Shares programs, linked to spot incentives. For Directors, the conditions will be established by the Board of Directors; for employees, the guidelines for the grant conditions will be established in their own administrative policy. ▪ The number of Shares granted for the participation by each Director and eligible employee will be established based on the Participant's Reference Value and the Grant Share Price.7 The maximum number of shares covered must comply with the percentages of the Company's stock capital described in item 2.c. 1.3. Plan Administration All the incentives in this Plan will be managed directly by the Board of Directors for the Directors. For other employees, the incentives will be managed in accordance with their own administrative policy. The Board of Directors may also determine the total or partial cancellation of the Plan or change the Programs of this Plan about the level of eligible employees, the components of the Participant's reference value, the duration of the cycle and the performance condition. At the launch of each Cycle for the Matching and PSU Programs, Vale will send each Participant the manual for these Cycles as well as the grant notices with the number of shares that will be the basis of the award after the end of each Cycle, since the conditions for remaining in each program are maintained. The other programs based on Performance Shares and Restricted Shares, linked to spot incentives, will follow the guidelines for the grant conditions, certain that they will include specific performance criteria to ensure that the interests of the beneficiaries are aligned with those of the shareholders. For Directors, the conditions will be established by the Board of Directors; for employees, the guidelines for the grant conditions will be established in their own administrative policy. The maximum number of shares covered must comply with the percentages of the Company's stock capital described in item 2.c. 7 See details of the Reference Value and Grant Price in 3 Granting of the right to the Share Award. 11 The Company may, for the purposes of managing this Plan, hire securities broker, which shall be used by the Participants to receive the award. Important notes: In the event of (a) dissolution, transformation, incorporation, merger, spin-off or reorganization involving the Company or Vale System Company, in which the Company and/or Vale System Company is not the remaining company or, if it is the remaining company, its shares are no longer admitted to trading on the stock exchange, (b) a change in the shareholding control of a subsidiary of the Company, the Cycles in force, at the discretion of the Board of Directors, may: (i) be transferred to the successor company; (ii) be cancelled8 or remodeled; or (iii) be held and settled in cash. In the event of the Company's judicial reorganization, the Board of Directors may also determine the cancellation of the Plan or its remodeling. 1.4. Plan Term The Plan will come into force with its approval by the Company's General Meeting of Shareholders and will remain in force until the total limit of Shares mentioned in the first paragraph of item 5.3 below is reached. It will be up to Vale's Board of Directors to determine the total or partial cancellation of the Plan or change the Programs of this Plan, about the level of eligible employees, the components of the Participant's reference value, the duration of the cycle and the performance condition. 2. Performance Condition and Indicators Applied to Incentives9 The performance condition, which is the basis for the award to be paid in the PSU Program, is defined based on performance indicators related to Vale's strategic pillars, such as TSR (Total Shareholder Return), ROIC (Return On Invested Capital) and ESG (Environmental, Social and Governance) indicators, focused on Health and Safety and Sustainability indicators over the period of the cycle, with market and financial indicators having the greatest weight in the composition of performance. In the case of the other programs based on Performance Shares and Restricted Shares, linked to spot incentives, for Directors and employees the performance conditions and indicators will be established by the Board of Directors or in a specific administrative policy, respectively, certain that they will include specific performance criteria to ensure that the interests of the beneficiaries are aligned with those of the shareholders. 8 In the event of cancellation, payment will be made pro rata for the number of months worked in the cycle at the company, until the event of (a) dissolution, transformation, incorporation, merger, spin-off or reorganization involving the Company or Vale System Company 9 In case of changes, the new payment factor must be approved by the Board. 12 3. Granting of the right to Share Awards The Incentives are based on the granting of the right to award Vale´s Shares: ▪ VALE3, traded on B3, for Participants in Brazil; and ▪ VALE ADR (American Depositary Receipts) issued by Vale backed by Shares, traded on the NYSE, for Participants allocated outside Brazil. 3.1. Participant's Reference Value The Reference Value for granting the PSU and Matching Incentives, calculated for each eligible employee, will be established based on the following criteria: (i) the base salary, (ii) the salary range, (iii) the location in which he/she is allocated and/or the companies in which he/she is active; (iv) the Participant's estimated Individual Income Tax rate as of December 31 of the year prior to each Cycle grant (only for the PSU). In the case of the other programs based on Performance Shares and Restricted Shares, linked to spot incentives, for Directors, the reference value will be established by the Board of Directors; and for employees it will be established in their own administrative policy. 3.2. Grant Share Price For the PSU, the grant price of each Cycle will be defined based on the average price of the Share weighted by the volume traded in the last 60 (sixty) trading sessions of the year prior to the grant, on the respective Exchange (B3 or NYSE). For Matching, the grant price will be the purchase price of the Share on the Stock Exchange (B3 S.A. - Brasil, Bolsa, Balcão for Participants in Brazil, and NYSE for Participants abroad) on the day defined for the grant Program. In the case of the other programs based on Performance Shares and Restricted Shares, linked to spot incentives, the grant price will be defined in the grant conditions, according to market value. 3.3. Number of Shares Granted The number of Shares granted will be established based on the Participant's Reference Value divided by the Grant Share Price. For Participants in Brazil, the Reference Value and Grant Share Price will be used in Reais, and for Participants outside Brazil, they will be used in US Dollars. The maximum number of shares covered must comply with the percentages of the Company's stock capital described in item 2.c. 13 4. Virtual Dividends In the event of payment of dividends and/or interest on equity by Vale, Participants in the Matching Program and the PSU Program will be entitled to "Virtual Dividends", which is a value related to the result of the number of shares that the Participant will be entitled to as an award at the end of the Cycle, equivalent to and of the same net amount per Share of dividends/interest on equity paid to Vale's shareholders during the Cycle period. The net amount to be paid will be calculated based on the dividends/interest on equity amount per Share paid during the Cycle period of the Matching and PSU Programs, in the number of Shares targeted for the award. For the PSU Program, payment will be in Shares, at the time of the award and on the condition of the Program's performance. For Matching, the net amount to be paid will be calculated based on the amount of dividends/interest on equity per Share, in the number of Shares that the employee holds relating to the Matching Program on the record date. Participants will receive this amount deposited in cash, in a period close to the payment of dividends/interest on equity to the market and in the same currency as they receive their salary through the regular local process of the local payroll, i.e. in the same bank account in which their salary is paid. For programs based on Performance Shares and Restricted Shares linked to spot incentives, "Virtual Dividends" will only be paid if defined in the grant conditions. 5. Award at the end of the Cycle 5.1. Award Payment Date For the PSU Program, the Shares awarded will be delivered after full years of the complete Cycle and if the performance condition is met. For the Matching Program, Participants must keep the Shares in their entirety and under their ownership for the entire duration of the Cycle, with the Program's authorized brokers. For programs based on Performance Shares and Restricted Shares, linked to spot incentives, the Participant will receive as established in the grant conditions defined in the contract signed by the Participant with the Company. Only Vale employees and Directors who were eligible for the grant of Shares and who remained within the period and under the conditions defined for each incentive will be entitled to the award. 5.2. Award payment at the end of the Cycle For the PSU Program, at the end of the Cycle, Participants who are eligible for the award will receive from Vale, in Shares, (i) the number of Shares scope of the award (result of the application of the performance factor, to the Shares initially granted); and (ii) virtual dividends related to the number of Shares within the scope of the award (which will also 14 have the performance factor applied). In addition, income tax withheld at source (gross-up) will also be included. For the Matching Program, Directors and employees eligible for the award will receive a payment in Shares/ADRs acquired in their name and, at a minimum, equivalent to 1:1 to the shares that each Director and employee owns at the time of the award, also including withholding income tax, via payroll gross-up, in compliance with the legislation in force, and the Board of Directors may approve levers annually. For programs based on Performance Shares and Restricted Shares, linked to spot incentives, the payment will be according to the grant condition defined in the contract stablished with the Participant. The Shares that are the object of the award will be credited to the Participant's account at the accredited brokers, via Shares held in Treasury from a buyback program or by purchasing Shares on the market on behalf of the Participants eligible for the award, subject to the applicable legislation10. Important notes: The Board of Directors may determine the suspension of the award whenever there are situations that, under the terms of the law or regulation in force, restrict or prevent the trading of Shares by the participants of the Plan. Until the date on which the award is made, participants will not have any rights and privileges of the Company's Shareholders such as voting rights and the right to receive dividends and interest on equity. 5.3. Maximum number of Shares covered by the Plan The maximum number of Shares that will be subject to the Plan cannot exceed 0.5% of the shares representing the Company's Capital Stock. On 06/30/2024, the total number of representative Shares corresponded to 4,539,007,580 (four billion, five hundred and thirty-nine million, seven thousand, five hundred and eighty) of Shares issued by Vale. Thus, the total number of Shares covered by the Plan is limited to 22,695,037 (twenty-two million, six hundred and ninety-five thousand and thirty-seven) Shares. In addition, the limit of 0.1% of the Company's Capital Stock per fiscal year must also be considered. Based on the number of Shares that make up the Company's Capital Stock on 06/30/2024, the total number of Shares covered by the Plan in each fiscal year may be up to 4,539,007 (four million, five hundred and thirty-nine thousand and seven) Shares. 10 Except for employees working in China and Australia, who, for legal/tax reasons, will have their award made in cash with a value corresponding to the same number of shares covered by the award and the virtual dividends. 15 6. Early Prepayment during the Cycle11 The following conditions define what will happen if the Participant leaves Vale during the term of each incentive cycle. 6.1. Resignation or Resignation for Just Cause The Participant will not be eligible for any awards upon termination. 6.2. Dismissal at Vale's Initiative or Retirement or Mutual Agreement For each Cycle of the Matching and PSU Programs, the Participant will receive the cash award upon termination and prorated to the number of months he/she has been working at Vale during the Cycle, except for Directors whose prorated award will be paid only after the end of the Cycle or as the negotiated terms and at the time of termination approved by de Board of Directors. Programs based on Performance Shares and Restricted Shares, linked to spot incentives, must comply with the granting conditions established by the Board of Directors for Directors and for employees, as established in a specific administrative policy. 6.3. Expatriation or Repatriation For each Cycle of the Matching and PSU Programs, the Participant will receive part of the award in cash, at the time of their expatriation or repatriation, and prorated to the number of months they have been working at Vale during the Cycle. Other programs based on Performance Shares and Restricted Shares, linked to spot incentives, must comply with the granted conditions established by the Board of Directors for Directors and for employees, as established in their own administrative policy. The Shares originally granted, and scope of this payment lose the link with the program. The remaining Share balance will continue to the Matching and PSU Programs and will be eligible for the award in Shares at the end of the Cycle. 6.4. Dismissal due to Death or Retirement due to Disability For each cycle of the Matching and PSU programs, the retiree or their legal heirs will receive the full amount of the award, in cash. 6.5. Change of Control or Divestiture of Vale's Shareholding 11 Exceptions must be approved by the Board of Directors. 16 For the Matching and PSU Programs, the Participant who works in a controlled or affiliated company that undergoes a change of control or sale of Vale's stake, will receive, for each Cycle, a cash award in prorated to the number of months in which he/she has been working, during the Cycle, in said company to date the change of control of the controlled or affiliated company or the sale of Vale's interest. For the programs based on Performance Shares and Restricted Shares, linked to spot incentives, it will be in accordance with the grant conditions established by the Board of Directors for Directors and for employees, as established in their own administrative policy.

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## Exhibit 5.1

![](vale20251215s8_017.jpg)

Rio de Janeiro, December 17, 2025

Ladies and Gentlemen:

We have acted as Brazilian counsel of Vale S.A. ("<u>Vale</u>"), a corporation organized and existing under the laws of Brazil, in connection with the preparation and filing by Vale, under the United States Securities Act of 1933, as amended (the "<u>Securities Act</u>"), of a registration statement on Form S-8 (the "<u>Registration Statement</u>") with the United States Securities and Exchange Commission (the "<u>SEC</u>") relating to the registration of up to 7,569,827 common shares, no par value, of Vale (the "<u>Shares</u>") to be assigned and transferred from time to time pursuant to equity awards granted under Vale's "Share-Based Compensation Plan" (*Plano Global de Incentivo de Longo Prazo Baseado em Ações*), approved by shareholders of Vale on April 30, 2025 (the "<u>Plan</u>"). All capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Registration Statement.

1. In rendering the opinions set forth below, we have examined copies of the documents listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Registration Statement and the documents incorporated by reference therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the by-laws of Vale as last amended at the Ordinary and Extraordinary General Shareholders' Meeting held on April 28, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the minutes of the Ordinary and Extraordinary General Shareholders' Meeting of Vale dated as of April 30, 2025, which, among other matters, recorded the approval of the election of the current members of Vale's Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the minutes of the meetings of the Board of Directors of Vale dated as of May 23, 2024, August 26, 2024, September 30, 2024, October 24, 2024, November 28, 2024, April 30, 2025 and August 28, 2025, which refer to the appointment of the current executive officers of Vale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Plan.

2. We have also examined the records, minutes and documents and made such investigations of law as we have deemed relevant or necessary as the basis for the opinions hereinafter expressed.

3. We have not undertaken any investigation of the laws of any jurisdiction outside the Federative Republic of Brazil ("Brazil") and this opinion is given solely in respect of Brazilian law as effective on the date hereof, and not in respect of any other law. In particular, we have made no independent investigation of the laws of the State of New York and do not express or imply any opinion on such laws.

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4. We have further assumed, without independent investigation or verification of any kind, the genuineness of all signatures, the legal capacity of natural persons, and the authenticity of all abovementioned documents that we have examined and the conformity with the originals of those documents submitted to us as copies.

5. Our opinions are delivered on the basis of our professional legal judgment and on the basis of the knowledge and investigation of our firm.

6. Based upon the foregoing and subject to the qualifications and limitations set forth herein, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Vale has been duly incorporated and is validly existing as a *sociedade anônima* under the laws of Brazil; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Shares to be offered by Vale pursuant to the provisions of the Plan have been duly issued and authorized for assignment and transfer, and when settled by Vale pursuant to the provisions of the Plan, will have been validly issued and will be fully paid and non-assessable.

7. We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. We further consent to the incorporation by reference of this opinion into any registration statement on Form S-8 or post-effective amendment filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, with respect to the registration of additional securities issuable under the Plan.

8. We are qualified to practice law in Brazil, and we do not express any opinion in respect of any laws of any other jurisdiction. This opinion is based upon and limited in all respects to the law applicable in Brazil as presently published, existing and in force.

9. We expressly disclaim any responsibility to advise you or any other person who is permitted to rely on the opinions expressed herein as specified above of any development or circumstance of any kind including any change of law or fact that may occur after the date of this letter even though such development, circumstance or change may affect the legal analysis, a legal conclusion or any other matter set forth in or relating to this letter. Accordingly, any person relying on this letter at any time should seek advice of its counsel as to the proper application of this letter at such time. This opinion may be relied upon, as of the date rendered, only by you and no other person may rely upon this opinion without our prior written consent.

Very truly yours,

Barbosa, Müssnich, Aragão – Advogados

/s/ Amir Bocayuva Cunha

/s/ Felipe Guimarães Rosa Bon

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## Exhibit 23.2

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Vale S.A. of our report dated February 19, 2025 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in Vale S.A.'s Annual Report on Form 20-F for the year ended December 31, 2024.

/s/ PricewaterhouseCoopers Auditores Independentes Ltda.

Rio de Janeiro, Brazil

December 17, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit 107**

**CALCULATION OF FILING FEE TABLES**

**Form S-8** (Form Type)

**Vale S.A.**

(Exact name of Registrant as specified in its charter)

<u>Table 1: Newly Registered Securities</u> 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Security Type | Amount Registered (1) | Proposed Maximum Offering Price Per Unit (2) | Maximum Aggregate Offering Price (2) | &nbsp;&nbsp;Fee Rate | Amount of Registration Fee |
| Equity Common Shares<sup>(3)</sup>, reserved for issuance pursuant to the Share-Based Compensation Plan Other <sup>(2)</sup> | 7569827 | <br> US$12.69<br>| <br> US$96,061,104.63<br>| 0.00013810 | US$13,266.04 |
| Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | US$96,061,104.63 |  | US$13,266.04 |
| Total Fee Offsets<sup>(4)</sup> | Total Fee Offsets<sup>(4)</sup> | Total Fee Offsets<sup>(4)</sup> |  |  | US$13,266.04 |
| Net Fee Due | Net Fee Due | Net Fee Due |  |  | US$0.00 |

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(1) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), this Registration Statement on Form S-8 (the "<u>Registration Statement</u>") shall also cover any additional Common Shares of Vale S.A. (the "<u>Registrant</u>") as may become available for issuance pursuant to the Performance Shares Unit Program (the "<u>Plan</u>") by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of consideration that results in an increase in the number of the Registrant's outstanding Common Shares.

(2) The Proposed Maximum Offering Price Per Common Share has been estimated solely for the purposes of calculating the registration fee pursuant to Rules 457(c) and 457(h) under the Securities Act, on the basis of the average of the high and low reported prices of a common ADS (defined below) as reported on the New York Stock Exchange on December 12, 2025.

(3) The Common Shares of the Registrant being registered hereby may be represented in the form of the Registrant's American Depositary Shares ("<u>ADSs</u>"), evidenced by American Depositary Receipts ("<u>ADRs</u>"), with each ADS representing one Common Share. ADRs issuable upon the deposit of the Common Shares registered hereby have been or will be registered under a separate registration statement on Form F-6. Each ADR will represent one Common Share.

<u>Table 2: Fee Offset Claims and Sources</u>

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Registrant or Filer Name | Form or Filing Type | File Number | Initial Filing Date | Filing Date | Fee Offset Claimed | Security Type Associated with Fee Offset Claimed | Security Title Associated with Fee Offset Claimed | Unsold Securities Associated with Fee Offset Claimed | Unsold Aggregate Offering Amount Associated with Fee Offset Claimed | Fee Paid with Fee Offset Source |
| Rule 457(p) | Rule 457(p) | Rule 457(p) | Rule 457(p) | Rule 457(p) | Rule 457(p) | Rule 457(p) | Rule 457(p) | Rule 457(p) | Rule 457(p) | Rule 457(p) | Rule 457(p) | Rule 457(p) |
| Fee Offset Claims | 1 | Vale S.A. | S-8 | 333-276867 | 02/05/2024 |  | $13266.04 | Equity | Common Stock, par value $13.7000 per share | 6560463 | $89878343.10 |  |
| Fee Offset Sources | 2 | Vale S.A. | S-8 | 333-276867 |  | 02/05/2024 |  |  |  |  |  | $13266.04 |

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|:---|:---|
| **Rule 457(p) Statement of Withdrawal, Termination, or Completion:** |  |
|  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant previously registered 6,605,593 shares of Common Stock pursuant to the Registration Statement on Form S-8 (File Number 333-276867) filed on February 5, 2024 (the "Prior Registration Statement"). The Registrant has withdrawn the Prior Registration Statement and any offering that included the unsold securities registered thereunder has been terminated. |
| **Offset Note** |  |

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Registrant expects to offset the registration fee due hereunder by an amount of fees that was previously paid with respect to the Prior Registration Statement pursuant to Rule 457(p) under the Securities Act. The fee previously paid for the Prior Registration Statement was $13,357.30. Pursuant to Rule 457(p) under the Securities Act, $13,266.04 of the previously paid fee remains available for fee offsets by the Registrant as of the date of this Registration Statement. Pursuant to Rule 457(p) under the Securities Act, the Registrant hereby offsets the total registration fee due under this Registration Statement of $13,266.04 from the fees previously paid in connection with the Prior Registration Statement. Accordingly, no additional registration fee is being paid in connection with the filing of this Registration Statement.<br>