Vale Base Metals Reports 2025 Exploration Results and 2026 Outlook; Copper Mineral Reserves and Resources Increase by 6%

Toronto (ANTARA/PRNewswire) - Vale Base Metals (VBM) is projected to increase its total Mineral Reserves and Mineral Resources in Canada and Brazil by more than 20 per cent by the end of 2027, according to a new engineering and exploration report submitted today regarding the company’s Mineral Reserves and Mineral Resources.1,2,3

Compared to 2024, VBM’s copper Mineral Reserves and Mineral Resources increased by 6 per cent in 2025 to 53 million tonnes, while nickel Mineral Reserves and Mineral Resources rose by 13 per cent to 14 million tonnes. These increases, along with enhancements to VBM’s polymetallic assets including cobalt, platinum, palladium, and gold, will significantly strengthen the company’s organic growth pipeline.

“We have an ambitious plan for the future following a transformative year in 2025,” said Chris McCleave, Chief Technical Officer. “Our team continues to strengthen the geological model across multiple districts while advancing drilling programmes that support Mineral Resources growth and Reserves replacement across the portfolio.”

VBM plans to continue its 2025 exploration programme by advancing drilling activities across its key mineral districts in 2026, with a strong focus on copper growth.

“We are doubling the copper drilling intensity in the Carajás region in Brazil, one of the world’s most prospective copper districts. And we aim to double it again in 2026,” said McCleave. “We are also improving productivity and delivering a 34 per cent reduction in unit costs.”

KEY HIGHLIGHTS FOR 2025:

Copper Mineral Resources, including inferred Mineral Resources, increased to a record high of around 44.9 million tonnes (Mt) contained copper, representing a 7 per cent increase from the previous year and supporting more than 65 years of potential production at current mining rates.

Copper Mineral Reserves increased to around 8.2 Mt contained copper, showing a net 2 per cent year-on-year increase after accounting for depletion, reflecting resource conversions and updated engineering studies.

Nickel Mineral Resources, including inferred Mineral Resources, increased to around 7.7 million tonnes of nickel, a 20 per cent rise compared to the previous year.

Nickel Mineral Reserves increased to around 5.9 million tonnes of nickel, showing a net 5 per cent increase from the previous year, primarily driven by resource conversions in Indonesia and geological model updates in Canada.

South Hub (Brazil; Copper): In 2025, 0.6 Mt of copper was converted to Reserves from Bacaba, which is currently under construction. An additional 1.8 million tonnes of contained copper was added to Mineral Resources following drilling and initial assessments of several deposits such as Sequeirinho Underground, Mata 1, Visconde Leste, Emilia, Cristalino 88, and Borrachudo. In 2025, 31,000 metres were drilled at South Hub. This exploration programme primarily focused on increasing geological confidence and testing extensions of the Sequeirinho orebody underground (i.e., below the open pit Mineral Reserves) and testing extensions of high-grade ore zones at Bacaba and Cristalino. These programmes continue to confirm orebody extensions and have resulted in discoveries of downward extensions below the Sequeirinho Pit.

North Hub (Brazil; Copper): Main activities focused on Paulo Afonso and Furnas. At Paulo Afonso, 0.2 million tonnes of copper were added to Mineral Resources, primarily enabled by ongoing drilling (an additional 28,000 m in 2025) and modelling to test targets below the existing open pit project and support future underground mining operations. At Furnas, Ero Copper, VBM’s partner in the project, completed 26,287 metres of drilling in 2025. Recently, Ero released a Preliminary Economic Assessment (PEA) indicating an increase of 0.5 million tonnes of contained copper in Mineral Resources.

Alemão (Brazil; Copper): Comprehensive re-optimisation and re-engineering of the project, including redesign from sublevel caving to sublevel stoping, and the addition of satellite deposits (Acampamento Sul and Encantado) has resulted in an increase of 0.6 Mt contained copper in Mineral Resources.

Salobo (Brazil; Copper): Salobo has large Mineral Reserves and Mineral Resources to support mining for at least 30 years. In 2025, the focus was on geological studies to plan the 2026 drilling programme to test specific orebody extensions, and considerations of current mine waste disposal methods that limit the conversion of Mineral Resources to Mineral Reserves.

Ontario & Voisey’s Bay (Canada; Copper-Nickel): Drilling, geological model reviews, and preliminary assessment studies (engineering) in Canada resulted in additions to copper Mineral Reserves and Mineral Resources (+0.5 Mt contained copper) and nickel (+0.9 Mt contained nickel). These additions were made near currently operating mines, thereby extending mine life potential.4

Onto - Hu’u Deposit (Indonesia; Copper): This deposit already has significant copper-gold Mineral Resources to support a mine life of more than 50 years. 2025 efforts focused on completing pre-feasibility studies and preparing advanced-level data collection related to water and geothermal.

Porphyry Greenfield Exploration (Chile and Peru; Copper): In 2025, VBM reprioritised greenfield exploration programmes in Chile and Peru. In both countries, VBM’s mineral tenure is highly significant (116,890 Ha in Chile; 278,429 Ha in Peru) near known major deposits and operating mines.

2026 PRIORITIES

VBM plans to continue advancing its exploration programmes across its key mineral districts in 2026.