On October 30, 2025, Vale S.A. updated its all-in cost estimates for copper to $1,000-1,500/t from $1,500-2,000/t and for nickel to $13,000-14,000/t from $14,000-15,500/t, reflecting strong operational performance and rising by-product gold prices. The prior estimates remain unchanged, and these projections are hypothetical, subject to market conditions.