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. |
2025 HIGHLIGHTS:
- 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. |
2026 PRIORITIES
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.
