TORONTO, March 30, 2026 /PRNewswire/ - Vale Base Metals (VBM) is on track to increase its total Mineral Reserves and Resources in Canada and Brazil by more than 20 per cent by the end of 2027, according to new engineering and exploration reports released today on 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 increased 13 per cent to 14 million tonnes. These increases, along with others for VBM's polymetallic assets that include cobalt, platinum, palladium and gold, will significantly strengthen the company's organic growth pipeline.
"We have a bold plan for the future after a transformational year in 2025," said Chris McCleave, Chief Technical Officer. "Our teams continued to strengthen geological models across several districts while advancing drilling programs that supported Mineral Resource growth and Reserve replacement across the portfolio."
VBM plans to build on its 2025 exploration programs by continuing to advance drilling activity across its major mineral districts in 2026, with a strong focus on copper growth.
"We doubled our copper drilling intensity in Brazil's Carajás District, one of the most prospective copper districts in the world, and we are aiming to double it again in 2026," McCleave said. "We also increased productivity, delivering a 34 per cent reduction in per unit cost."
1 "Vale Base Metals" means Vale Base Metals Limited and its subsidiaries. |
2 Mineral Reserves and Mineral Reserves are at Vale Base Metals 100% attributable ownership. Mineral Resources are Exclusive of Mineral Reserve. Mineral Resources are inclusive of Inferred Mineral Resources, unless when stated. A detailed breakdown of the Mineral Resources by Measured, Indicated and Inferred is included in the 2025 Mineral Reserve and Mineral Resource section below. |
3 The 20% growth target by end of 2027 is measured against Mineral Reserves and Mineral Resources (inclusive of Inferred Mineral Resources) as reported at December 31, 2024. The 2025 results reported herein represent partial progress toward this target. |
- Copper Mineral Resources inclusive of inferred Mineral Resources increased to record levels of approximately 44.9 million tons (Mt) copper contained, representing a 7 per cent increase year-on-year and supporting more than 65 years of potential production at current mining rates.
- Copper Mineral Reserves increased to approximately 8.2 Mt copper contained, representing a 2 per cent year-on-year net increase after depletion, reflecting resource conversion and updated engineering studies.
- Nickel Mineral Resources inclusive of inferred Mineral Resources increased to approximately 7.7 Mt nickel contained, representing a 20 per cent increase year-on-year.
- Nickel Mineral Reserves increased to approximately 5.9 Mt nickel contained, reflecting a 5 per cent year-on-year net increase driven primarily by resource conversion in Indonesia and updated geological models in Canada.
- South Hub (Brazil; Copper): In 2025, 0.6 Mt copper were converted to Reserves from Bacaba, which is now under construction. Another 1.8 Mt copper contained were added to Mineral Resources after drilling and initial assessment of several deposits such as the Sequeirinho Underground, Mata 1, Visconde Leste, Emilia, Cristalino 88 and Borrachudo. In 2025, 31,000m were drilled across the hub. The exploration program focused primarily on improving geological confidence and testing the underground extension of the Sequeirinho orebody (i.e., below open-pit Mineral Reserves) and testing high-grade orebody extensions at Bacaba and Cristalino. These programs continue to confirm the extension of orebodies and resulted in the discovery of down plunge extensions of the orebody below the Sequeirinho Pit.
- North Hub (Brazil; Copper): Main activities focused on Paulo Afonso and Furnas. At Paulo Afonso, 0.2 Mt copper contained were added to Mineral Resources, mainly enabled by continued drilling (additional 28,000m in 2025) and modelling to test targets below the existing open pit project and supporting a future underground mine operation. At Furnas, Ero Copper, a VBM partner on the project, completed 26,287m of drilling in 2025, and Ero recently released the initial assessment (PEA) showing a 0.5 Mt copper contained increase in Mineral Resources.
- Alemão (Brazil; Copper): Full re-optimization and engineering of the project, including re-design from sublevel caving to sublevel stoping, and addition of satellite deposits (Acampamento Sul and Encantado) have resulted in an increase of 0.6 Mt copper contained to Mineral Resources.
- Salobo (Brazil; Copper): Salobo already has a large Mineral Reserves and Mineral Resources to support mining for at least 30 years. In 2025, the focus was on geological studies to plan 2026 drill programs to test specific orebody extensions, and trade-offs of tailings disposal methods that are currently limiting conversion of Mineral Resources to Mineral Reserves.
- Ontario & Voisey's Bay (Canada; Copper-Nickel): Drilling, geological model review and initial assessment studies (engineering) across Canada resulted in additions to both copper (+0.5 Mt copper contained) and nickel (+0.9 Mt nickel contained) Mineral Reserves and Mineral Resources. Those additions were made near current operating mines, extending their potential life-of-mine.4
- Onto – Hu'u Deposit (Indonesia; Copper): Deposit already has significant copper-gold Mineral Resources to support a 50-plus year life of mine. 2025 efforts focused on finalizing pre-feasibility study and setting up advanced water and geothermal data collection.
- Porphyry Greenfield Exploration (Chile and Peru; Copper): In 2025, VBM reprioritized its greenfield exploration program in Chile and Peru, both countries where the company owns significant mineral tenure (116,890 Ha in Chile; 278,429 Ha in Peru) near major known deposits and operating mines.
4 Life-of-mine is based on conceptual mine plans, inclusive of Inferred Mineral Resources. |
VBM plans to continue advancing exploration programs across its major mineral districts in 2026, with a strong focus on copper growth through near–mine extensions, satellite deposits, and down–plunge continuity. The company will also continue to support project advancement with disciplined, returns–focused exploration programs.
Key priorities for 2026 include:
- Increasing drilling activity across the Carajás region, with more than 120,000m of drilling planned — double 2025 levels.
- Continued drilling across the Sossego Mining Complex to expand underground Mineral Resources potential underneath the Sequeirinho, Sossego and Mata pits. The team is also planning advanced data collection this year, with underground exploration drifts tentatively starting in 2027.
- Continued drilling at Bacaba and Cristalino (South Hub) to delineate full deposit potential to support optimal open pit designs.
- Continued drilling across Paulo Afonso and Furnas5 (North Hub) deposits, with the primary goal to de-risk open pit and underground projects.
- New drilling programs at Salobo and 118 to test shallow lateral and deep structural corridors of the orebody.
- New drilling programs at Alemão to increase Mineral Resources potential of satellite orebodies, especially Encantado and Acampamento Sul. Dewatering activities are ongoing to regain access to Alemão orebody exploration drift, and a second exploration drift is planned with focus on shallower areas of Alemão orebody and satellite orebodies.
- Targeted drilling programs in Sudbury and Voisey's Bay with a strong focus on sustaining and growing copper and nickel production through brownfield exploration.
- Prospective greenfield exploration programs will continue in Chile and Peru, supporting an efficient turnover of projects by executing exploration programs within proven copper–endowed mining districts.
5 Exploration activities will be conducted and advanced by Ero Copper. |
The complete data on VBM's Mineral Reserves and Mineral Resources and exploration updates on our assets in Canada and Brazil can be found below and on www.valebasemetals.com.
Vale Base Metals is one of the world's largest producers of high-quality nickel and an important producer of responsibly sourced copper and cobalt. Vale Base Metals Limited is based in London, United Kingdom with its global operations centre in Toronto, Canada. The company also has operations in Newfoundland & Labrador, Ontario, Manitoba, Indonesia, Brazil, the United Kingdom and Japan. Vale Base Metals is 90 per cent owned by Vale S.A. and 10 per cent by Manara Minerals Investment Company.
This release contains statements that reflect current expectations of Vale Base Metals Limited (VBM) regarding exploration activities, mineral reserves and mineral resources estimates, projects, future exploration plans and other future events. All forward-looking statements involve various risks and uncertainties. VBM cannot guarantee that such statements will prove to be accurate. These risks and uncertainties include, among others, factors related to: (a) operational issues, including health, safety, the environment and social issues; (b) permitting timelines and production planning; (c) talent management; (d) strategy; (e) sustainability and our ability to achieve our sustainability targets and commitments; (f) institutional relations and communication, including changes in the law and regulations; (g) compliance; (h) the countries where VBM operates; (i) the global economy; (j) the capital markets; (k) commodity prices; (l) competition in the markets in which VBM operates; and (m) geological interpretation and the estimation of mineral resources and reserves, the exploration of mineral reserves and resources and the development of mining facilities, our ability to obtain or renew licenses, the depletion and exhaustion of mines and mineral reserves and resources. In light of the risks and uncertainties described above, the future events and circumstances discussed in this document might not occur and are not guarantees of future performance.
This release contains information relating to mineral reserves, mineral resources and exploration targets as defined under Subpart 1300 of Regulation S-K, and is based upon information and supporting documentation of a qualified person.
Nickel Mineral Reserves as of December 31, 2025 | ||||||||||
(Tonnage in millions of dry metric tons. Grades in %) | ||||||||||
As at Dec 31, 2025 | As at Dec 31, 2024 | |||||||||
Category | Tonnage (Mt) | Grade (%) | Metal (Mt) | Tonnage | Grade (%) | Metal (Mt) | ||||
Mineral Reserves | ||||||||||
Proven Reserves | 209.7 | 1.48 | 3.1 | 182.0 | 1.50 | 2.7 | ||||
Probable Reserves | 209.6 | 1.35 | 2.8 | 205.8 | 1.41 | 2.9 | ||||
Total Proven & Probable | 419.3 | 1.42 | 5.9 | 387.8 | 1.45 | 5.6 | ||||
(1) Mineral Reserves are dry tonnes run-of-mine material after adjustment for mining dilution ahead of the feed plants for all areas that include screening and drying and Onça Puma where the point of reference is dry recovered tons to the processing plant. |
(2) Mineral Reserves have been adjusted to reflect our 33.88% ownership of PTVI. |
(3) The Mineral Reserve economic viability was determined based on a price curve with a long-term price of US$17,625/t for Nickel. |
(4) Sudbury Mineral Reserves include material from Coleman, Copper Cliff, Creighton, Garson, Totten mines and the Stobie open pit mine. |
(5) The PTVI nickel saprolite Mineral Reserves includes material from Sorowako operations, Bahodopi 2-3 and Pomalaa projects. |
(6) Recovery only for Sorowako Operations since saprolite material from Pomalaa and Bahodopi projects are supported by ROM sales agreements. |
(7) The PTVI nickel limonite Mineral Reserves include Bahodopi 2-3, Pomalaa and Sorowako Limonite projects material. |
(8) Estimated consolidated nickel Mineral Reserves of Onça Puma include 5.12 million dry metric tons of stockpile. |
(9) Recovery range is overall metal recovered to point of first material sale. |
(10) Contained nickel (Mt) is calculated by multiplying tonnage (million dry metric tonnes) by nickel grade (%). |
(11) Numbers have been rounded. |
(12) The reported Mineral Reserves may differ in quantity or quality from those reported in other jurisdictions, under different standards. |
(13) Mineral Reserves for Vale Base Metals are reported on a 100% basis. Vale S.A. owns a 90% interest and Manara Minerals the remaining 10% interest. |
Copper Mineral Reserves as of December 31, 2025 | |||||||||||
(Tonnage in millions of dry metric tons. Grades in %) | |||||||||||
As at Dec 31, 2025 | As at Dec 31, 2024 | ||||||||||
Category | Tonnage | Grade (%) | Metal (Mt) | Tonnage | Grade (%) | Metal (Mt) | |||||
Mineral Reserves | |||||||||||
Proven Reserves | 480.1 | 0.69 | 3.3 | 312.0 | 0.73 | 2.3 | |||||
Probable Reserves | 768.7 | 0.64 | 4.9 | 912.4 | 0.63 | 5.8 | |||||
Total Proven & Probable | 1,248.8 | 0.66 | 8.2 | 1,224.3 | 0.66 | 8.1 | |||||
(1) Point of reference for the Mineral Reserve estimate is the point of delivery to the process plant. |
(2) The Mineral Reserve economic viability was determined based on a price curve with a long-term price of US$9,950/t for copper. |
(3) Sudbury Mineral Reserves include material from Coleman, Copper Cliff, Creighton, Garson, Totten and Stobie mines. |
(4) Estimated consolidated copper Mineral Reserves of Sossego Operations includes Sequeirinho, Bacaba and Mata II pits and 34.66 million dry metric tons of stockpile. |
(5) Estimated consolidated copper Mineral Reserves of Salobo Operations include 264.8 million dry metric tons of stockpile. |
(6) Recovery range is overall metal recovered to point of first material sale. |
(7) Contained copper (Mt) is calculated by multiplying tonnage (million dry metric tonnes) by copper grade (%). |
(8) Numbers have been rounded. |
(9) The reported Mineral Reserves may differ in quantity or quality from those reported in other jurisdictions, under different standards. |
(10) Mineral Reserves for Vale Base Metals are reported on a 100% basis. Vale S.A. owns a 90% interest and Manara Minerals the remaining 10% interest. |
Cobalt Mineral Reserves as of December 31, 2025 | |||||||||||
(Tonnage in millions of dry metric tons. Grades in %) | |||||||||||
As at Dec 31, 2025 | As at Dec 31, 2024 | ||||||||||
Category | Tonnage | Grade (%) | Metal (Mt) | Tonnage | Grade (%) | Metal (Mt) | |||||
Mineral Reserves | |||||||||||
Proven Reserves | 115.6 | 0.10 | 0.11 | 89.0 | 0.10 | 0.09 | |||||
Probable Reserves | 129.5 | 0.09 | 0.11 | 129.7 | 0.12 | 0.15 | |||||
Total Proven & Probable | 245.1 | 0.09 | 0.22 | 218.6 | 0.11 | 0.24 | |||||
(1) Co grades are % of cobalt. Mineral Reserves are dry tonnes run-of-mine material after adjustment for mining dilution ahead of the feed plants. Recovery range is overall metal recovered to point of first material sale. |
(2) Mineral Reserves have been adjusted to reflect our 33.88% ownership of PTVI. |
(3) The Mineral Reserve economic viability was determined based on long-term prices of US$39,125/t for cobalt. |
(4) Sudbury Mineral Reserves include material from Coleman, Copper Cliff, Creighton, Garson, Totten mines and Stobie open pit mine. |
(5) Cobalt Reserves are reported on 100% basis and do not deduct the streaming amounts. For a description of our cobalt streaming arrangements, see Information on the Company—Lines of Business—Energy Transition Metals—Cobalt. |
(6) Recovery range is overall metal recovered to point of first material sale, except for PTVI where recovery is not applied since the project considers to selling run of mine (ROM). |
(7) The PTVI cobalt Mineral Reserves are limonite material from Sorowako Limonite, Bahodopi 2-3 and Pomalaa projects with Reserves supported by ROM sales agreements. |
(8) Contained cobalt (Mt) is calculated by multiplying tonnage (million dry metric tonnes) by cobalt grade (%). |
(9) Numbers have been rounded. |
(10) The reported Mineral Reserves may differ in quantity or quality from those reported in other jurisdictions, under different standards. |
(11) Mineral Reserves for Vale Base Metals are reported on a 100% basis. Vale S.A. owns a 90% interest and Manara Minerals the remaining 10% interest. |
Platinum Mineral Reserves as of December 31, 2025 | ||||||
(Tonnage in millions of dry metric tons. Grades in grams per dry metric ton) | ||||||
As at Dec 31, 2025 | As at Dec 31, 2024 | |||||
Category | Tonnage | Grade (g/t) | Metal (Moz) | Tonnage | Grade (g/t) | Metal (Moz) |
Mineral Reserves | ||||||
Proven Reserves | 28.9 | 1.21 | 1.1 | 20.0 | 0.95 | 0.6 |
Probable Reserves | 41.5 | 0.92 | 1.2 | 51.7 | 0.79 | 1.3 |
Total Proven & Probable | 70.4 | 1.04 | 2.3 | 71.7 | 0.83 | 1.9 |
(1) Point of reference for the Mineral Reserve estimate is the point of delivery to the process plant. |
(2) The Mineral Reserve economic viability was determined based on long-term prices of: US$1,325/oz for platinum. |
(3) Sudbury Mineral Reserves include material from Coleman, Copper Cliff, Creighton, Garson and Totten mines and the Stobie open pit mine. |
(4) Recovery range is overall metal recovered to point of first material sale. |
(5) Contained platinum (Moz) is calculated by multiplying tonnage (million dry metric tonnes) by platinum grade (g/t) and divided by 31.10348 grams per troy ounce. |
(6) Numbers have been rounded. |
(7) The reported Mineral Reserves may differ in quantity or quality from those reported in other jurisdictions, under different standards. |
(8) Mineral Reserves for Vale Base Metals are reported on a 100% basis. Vale S.A. owns a 90% interest and Manara Minerals the remaining 10% interest. |
Palladium Mineral Reserves as of December 31, 2025 | ||||||
(Tonnage in millions of dry metric tons. Grades in grams per dry metric ton) | ||||||
As at Dec 31, 2025 | As at Dec 31, 2024 | |||||
Category | Tonnage | Grade (g/t) | Metal (Moz) | Tonnage | Grade (g/t) | Metal (Moz) |
Mineral Reserves | ||||||
Proven Reserves | 28.9 | 1.18 | 1.1 | 20.0 | 0.81 | 0.5 |
Probable Reserves | 41.5 | 1.21 | 1.6 | 51.6 | 1.04 | 1.7 |
Total Proven & Probable | 70.4 | 1.20 | 2.7 | 71.7 | 0.98 | 2.2 |
(1) Point of reference for the Mineral Reserves estimate is the point of delivery to the process plant. |
(2) The Mineral Reserves economic viability was determined based on long-term prices of: US$1,025/oz for palladium. |
(3) Sudbury Mineral Reserves include material from Coleman, Copper Cliff, Creighton, Garson, Totten mines and the Stobie open pit mine. |
(4) Recovery range is overall metal recovered to point of first material sale. |
(5) Contained palladium (Moz) is calculated by multiplying tonnage (million dry metric tonnes) by palladium grade (g/t) and divided by 31.10348 grams per troy ounce. |
(6) Numbers have been rounded. |
(7) The reported Mineral Reserves may differ in quantity or quality from those reported in other jurisdictions, under different standards. |
(8) Mineral Reserves for Vale Base Metals are reported on a 100% basis. Vale S.A. owns a 90% interest and Manara Minerals the remaining 10% interest. |
Gold Mineral Reserves as of December 31, 2025 | ||||||
(Tonnage in millions of dry metric tons. Grades in grams per dry metric ton) | ||||||
As at Dec 31, 2025 | As at Dec 31, 2024 | |||||
Category | Tonnage | Grade (g/t) | Metal (Moz) | Tonnage | Grade (g/t) | Metal (Moz) |
Mineral Reserves | ||||||
Proven Reserves | 460.3 | 0.30 | 4.5 | 298.0 | 0.36 | 3.5 |
Probable Reserves | 760.0 | 0.32 | 7.9 | 897.0 | 0.33 | 9.4 |
Total Proven & Probable | 1220.3 | 0.32 | 12.4 | 1195.0 | 0.34 | 12.9 |
(1) Point of reference for the Mineral Reserves estimate is the point of delivery to the process plant. |
(2) The Mineral Reserves economic viability was determined based on long-term prices of: US$2,650/oz for gold. Gold Mineral Reserves are reported on 100% basis and do not deduct the streaming amounts. For a description of our streaming arrangements with Wheaton, see Vale 2025 20F. |
(3) Sudbury Mineral Reserves include material from Coleman, Copper Cliff, Creighton, Garson and Totten mines and the Stobie open pit mine. |
(4) Estimated consolidated Mineral Reserves include Sequeirinho, Bacaba and Mata II pits, in addition to 34.6 million dry metric tons of stockpile. |
(5) Estimated consolidated copper Mineral Reserves include 264.8 million dry metric tons of stockpile. |
(6) Recovery range is overall metal recovered to point of first material sale. |
(7) Contained gold (Moz) is calculated by multiplying tonnage (million dry metric tonnes) by gold grade (g/t) and divided by 31.10348 grams per troy ounce. |
(8) Numbers have been rounded. |
(9) The reported Mineral Reserves may differ in quantity or quality from those reported in other jurisdictions, under different standards. |
(10) Mineral Reserves for Vale Base Metals are reported on a 100% basis. Vale S.A. owns a 90% interest and Manara Minerals the remaining 10% interest. |
Nickel Mineral Resources as of December 31, 2025 | ||||||||||
(Tonnage in millions of dry metric tons. Grades in %) | ||||||||||
As at Dec 31, 2025 | As at Dec 31, 2024 | |||||||||
Category | Tonnage | Grade (%) | Metal (Mt) | Tonnage | Grade (%) | Metal (Mt) | ||||
Mineral Resources | ||||||||||
Measured Mineral Resources | 66.0 | |||||||||
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