57 Overview Principal Producing Development  Highlighted Evaluation Evaluation/Exploration  Mineral Resources and Reserves For more information, please visit: www.vale.com . DEVELOPMENTS AND POTENTIAL Vale is currently advancing the VBME, which is expected to replace production from the existing Voisey’s Bay open-pit mine and extend the mine life of the Voisey’s Bay operation from 2023 to 2034. In the second quarter of 2021, first ore production was achieved from the Reid Brook deposit, the first of two underground mines to be developed at the project. The VBME project is +90% physically complete. Eastern Deeps main production is expected to start up in the second half of 2024. 2 MINER AL RESOURCES AND RESERVES As of December 31, 2023 CONTAINED Ni (Mlb) Co (Mlb) Cu (Mlb) AGEOs* (koz) Proven and Probable 1,234 75 562 69 Measured and Indicated 58 1 45 4 Inferred 299 20 133 17 * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 9 for a description of AGEO calculation methodology. FINANCIAL AND OPER ATING RESULTS As of December 31, 2023 Revenue to Royal Gold Since Inception US$M $222.6 Historic Revenue to Royal Gold US$M 2022: $14.4 2023: $5.3 Acquisition Cost US$M $205.7 Investment Recovered % 108% Net Book Value US$M $84.7