2025 Writeup (Draft)

Vale Base Metals (VBM), with its headquarters in Toronto, is one of the largest producers of nickel. Operating in Canada for over 100 years and with more than 5,000 employees, Vale’s goal is to continue growing in a safe and environmentally sustainable manner. Vale is committed to meeting or exceeding TSM targets and is pleased to submit this summary of its 2025 performance.  Vale’s Canadian operations encompass 5 operating jurisdictions and include:

• Vale Newfoundland and Labrador Operations – Voisey’s Bay
• Vale Newfoundland and Labrador Operations – Long Harbour
• Vale Ontario Operations – Sudbury
• Vale Ontario Operations – Port Colborne
• Vale Manitoba Operations – Thompson

TSM reporting is completed for each of these operations as well as for the Corporate Office in Toronto, Ontario.

Biodiversity Conservation and Management

Vale maintains its commitment to continuous improvement in the Biodiversity Conservation Management Protocol.  In well over a century of mining in Canada, Vale has received recognition for its rehabilitation practices aimed at improving biodiversity in the regions in which it operates.  Vale’s commitment to biodiversity is reflected in the 2025 TSM ratings. 

All Vale Base Metal facilities received a level AAA rating for all indicators except for indicator 3 at Thompson, which received a AA rating.  To achieve a AAA rating COI feedback on the biodiversity programs is required.   

Climate Change

The Climate Change Protocol is a new protocol since our previous external verification was completed in 2022. Overall, Vale Base Metals performed well through its first year of assessing this protocol, having identified some opportunities for improvement in the future. For Indicator 1, Corporate Climate Change Management, all sites were verified to have an A rating. Our Voisey’s Bay site received a AAA rating for indicators 2 and 3. Our Long Harbour facility was verified at an A for indicator 2 and a AA for indicator 3.

Our Sudbury operations received an A rating for indicator 2 and a B rating for indicator 3. Our Port Colborne facility received a B rating for both indicators 2 and 3. All of our Canadian operations are currently progressing through a physical climate change risk and vulnerability assessment. The shortcomings in areas in which a B rating was verified are actively in development and thus an action plan is in place to achieve a level A in the future. We are working on action plans to address these shortcomings and aim to align the completion of the actions with the next external verification cycle in 2028.

Our Thompson operations were verified at a level AA for indicator 2 and at a level A for indicator 3.

Crisis Management and Communications Planning

Crisis management planning and preparedness is a critical component of Vale’s risk management activities. Vale’s crisis management teams are well trained and willing to respond to internal emergencies when necessary.

All Vale sites satisfied the requirements of the Crisis Management and Communications Planning protocol. 

Indigenous and Community Relationships

Open and transparent communication, respectful engagement, and diligent reporting to stakeholders are all firmly entrenched as the way Vale operates with Indigenous communities and other communities of interest.

In 2025 Voisey’s Bay, Long Harbour, and Sudbury all received a AAA rating for all five indicators of the Indigenous and Community Relationships protocol.  The AAA rating for indicator 5 at both Long Harbour and Sudbury was an increase compared to the 2022 verification.  Additionally, indicator 4 at Sudbury also increased compared to 2022. 

Port Colbourne achieved a rating of AA for indicator 1 and an A rating for the remaining four indicators.  Indicators 1 and 3 both increased relative to 2022, reflecting the increased COI engagement at the facility. 

In Thompson an AAA rating was achieved for indicator 3.  A AA rating was achieved for indicators 1 and 5 along with an A rating for indicators 2 and 4. Three indicators decreased compared to 2022 while indicator 5 increased.  In order to increase the ratings at Thompson, additional engagement is necessary with the COIs.    

Safety and Health

At Vale Base Metals, life matters most, and the company’s commitment to this core value is reflected in its Safety and Health Protocol assessments, which confirm continued high performance at all sites. 

At Voisey’s Bay, Long Harbour, Sudbury, and Port Colbourne a AAA level was achieved for indicator 3 and AA was achieved for the remaining 4 indicators.  These scores were all the same as 2022.  In order to reach AAA for all indicators the sites must complete an external audit against the protocol.  

Thompson received a AA level for indicators 1, 2, 3, and 5 while achieving an A level for indicator 4.  Thompson must complete an internal audit to raise the A rating for indicator 4 and must complete an external audit against the protocol to achieve a AAA rating for the remaining indicators.    

Tailings Management

Vale Base Metals is committed to being a global leader in tailings management by ensuring safety and reducing risk for all stakeholders.  Our participation in the MAC Tailings Management protocol supports this goal.

All sites with a tailings storage facility achieved a AAA rating for all indicators.  The ratings increased at all locations due to the sites completing an external audit and an evaluation of effectiveness.  The Port Colborne facility does not have any tailings storage.

Water Stewardship

Vale is focused on improving water recycling at its Canadian operations as part of an effort to achieve a 10% water intensity reduction by 2030.  Compliance with the Water Stewardship protocol supports this goal. 

Voisey’s Bay and Long Harbour both received a AAA rating for indicators 1, 3, and 4 while indicator 2 received an A rating.  Indicator 1 increased at both sites compared to 2022.  To improve the rating on indicator 2 the sites must track corrective actions associated with the external audit. 

At Sudbury the site received a AAA rating for all four indicators.  Indicators 1, 2, and 4 all increased compared to 2022. 

At Port Colbourne a rating of AAA was achieved for indicators 1 and 4. Indicator 2 received an A rating and indicator 3 received a AA rating.  Two of the indicators increased while indicator 2 decreased compared to 2022.  To increase the rating of indicator 2 the site must increase the robustness of the water balance.  

The Thompson operation achieved a AAA rating for indicators 1, 2, and 4 while indicator 3 achieved a AA rating.  Indicators 1, 2, and 3 all increased two levels compared to 2022. 

Vale Corporate Office – Toronto, Ontario

Protocols evaluated for the Corporate Office included the Crisis Management and Communications Planning and Prevention of Child and Forced Labour protocols.  All the protocols are scored on a Yes or No basis.  Vale Base Metals corporate office successfully met all the MAC TSM requirements for both protocols.