1 7 Appendices Transparency & Guiding Principles Climate Action Diversity, Inclusion & Well-Being Good Governance & Shareholder Alignment Community Contributions Responsible Capital Allocation Iron Ore: Steel is essential to many aspects of modern life and is a key component for low-carbon technologies from electric vehicles to wind turbines. The production of low-carbon steel will be crucial in the transition to a low-carbon economy and for the achievement of climate goals. Our company has exposure to iron ore operations with a low-carbon footprint and that produce products suited to lower carbon steel production. We have equity ownership in Labrador Iron Ore Royalty Corporation (“LIORC”), which has a minority ownership in Iron Ore Company of Canada (“IOC”) and holds royalties over IOC’s operations in Newfoundland and Labrador, and we have royalty debentures covering Vale’s Northern and Southeastern System operations in Brazil. IOC pellets and concentrate are high grade products with world leading low alumina and ultra-low phosphorus, beneficial to the iron and steel industry. These pellets are high quality with a clean chemistry, which helps to lower the carbon footprint, compared to lower quality grades and forms of iron ore, when used in the iron and steel industry. In early 2021, IOC, operator at Carol Lake where we indirectly hold interests through our LIORC equity ownership, announced an initiative that will explore the viability of transforming iron ore pellets into low-carbon hot briquetted iron, a low-carbon steel feedstock, using green hydrogen generated from hydro electricity in Canada. Vale supplies iron ore products that require less energy use in steel blast furnaces, reducing emissions. One example is its Brazilian Blend Fines, a blend of ores produced in Carajás and Minas Gerais, with a higher iron content and fewer contaminants. Vale has recently partnered with Kobe Steel and Mitsui & Co. with the objective to offer low-carbon solutions and technologies to the steel industry. Natural Gas: The use of natural gas for energy results in fewer emissions of nearly all types of air pollutants and carbon dioxide than burning coal or petroleum products. For this reason, natural gas is viewed by many as a “bridge” fuel as renewable energy sources become increasingly more cost-effective and prevalent. A 2019 World Energy Outlook report* found that from 2010 to 2018, coal-to-gas switching saved around 500 million tCO 2 , an effect equivalent to putting an extra 200 million electric vehicles running on zero-carbon electricity on the road over the same period. Our company’s additions to our energy portfolio have shifted from U.S. oil to natural gas plays, including our 2019 royalty acquisition on Range Resources’ liquids-rich natural gas properties in the Marcellus shale in Pennsylvania and our 2020 royalty portfolio acquisition in the Haynesville shale, Texas, one of the most active gas plays in North America. In 2022, natural gas accounted for approximately 45% of our energy revenues and approximately 11% of our overall revenues, a significant increase from prior years, due to elevated natural gas prices for the year. * “The Role of Gas in Today’s Energy Transitions”, World Energy Outlook, July 2019. “Our diversified royalty and streaming portfolio is well positioned to participate in opportunities relating to the transition to a low-carbon economy.“ Sustainable Investment Opportunities (continued)