The 2Q25 report was released this Tuesday, July 22nd. Below are the key highlights and the full report. Vale's second quarter was marked by solid performance across all business segments. In Iron Ore, the combination of new assets ramping up and greater operational reliability is supporting stronger adherence to the 2025 production plan. Sustained operational improvements at both Nickel and Copper drove record Q2 output since 2021 and 2019, respectively, reinforcing the upward momentum. In June, the Bacaba project crossed a major threshold with the granting of its Preliminary License.