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Public Information Location: Bahodopi Port PT Vale Indonesia Tbk Public Expose Live 2025 Jakarta, 11 September 2025
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Agenda: 1. 2Q25 Key Updates 2. Operational Updates 3. Growth Projects Updates 4. Financial Results
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Cautionary Note & Disclaimer
Cautionary Note on Forward-looking Statements
This presentation may contain statements regarding the business of PT Vale Indonesia Tbk (the “Company” or “PT Vale”) that are of a forward-
looking nature and are therefore based on management's assumptions about future developments.
Such forward-looking statements are intended to be identified by words such as 'believe', 'estimate', 'intend', 'may', 'will', 'expect', and 'project'
and similar expressions as they relate to the Company. Forward-looking statements involve certain risks and uncertainties because they relate
to future events. Actual results may vary materially from those targeted, expected or projected due to several factors.
Potential risks and uncertainties includes such factors as general economic conditions, foreign exchange fluctuations, interest rate changes,
commodity price fluctuations and regulatory developments. The reader and/or listener is cautioned to not unduly rely on these forward-looking
statements. We do not undertake any duty to publish any update or revision of any forward-looking statements.
Disclaimer
This report has been prepared by PT Vale Indonesia Tbk (the “Company” or “PT Vale”) independently and is circulated for the purpose of
general information only. It is not intended for the specific person who may receive this report. The information in this report has been obtained
from sources which we deem reliable. No warranty (expressed or implied) is made to the accuracy or completeness of the information. All
opinions and estimations included in this report constitute our judgment as of this date and are subject to change without prior notice.
We disclaim any responsibility or liability which may be brought against or suffered by any person as a result of acting in reliance upon the
whole or any part of the contents of this report and neither the Company and/or its respective employees and/or agents accepts liability for any
errors, omissions, negligent or otherwise, in this report and any inaccuracy herein or omission here from which might otherwise arise.
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Part I 2Q25 Key Updates Presented by Bernardus Irmanto
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Learning together
Key Behaviours Ambitions
Values • Always Go Above and Beyond Levers A great company recognized by
society for being:
Our • Compassion • Drive for Success Together • Safety
• Benchmark in safety.
Purpose • VPS • Best in class reliable
• Take Charge and Own it
We exist to improve • Accountability • People operator.
life and transform • Create More, With Less • Talent driven organization.
the future. • Resilience • Innovation • Leader in sustainable
Together. • Care Deeply, Act Fairly • Sustainability
mining.
• Excellence • A reference in creating
and sharing value.
• Sustainability
Why do we exist? What do we believe in? How do we act? What do we look for?
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2Q 2025 Key Updates
o Production volume increased in 2Q25
compared to the previous quarter,
reflecting the Company’s steady and
reliable operational execution.
o Stronger baseline starting second half
of 2025. PTVI reached new terms for
the nickel matte pricing and obtained
approval for the RKAB revision,
allowing PTVI to commercially sell 2.2
million tons of saprolite ore from the
Bahodopi block.
o New Board of Commissioners and
Board of Directors appointment
through the EGMS on July 28, 2025.
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Board of Commissioners
FS. Multhazar Emily Olson Chris McCleave Kristina M. Jasman Kathrine Angela Shiro Imai Rudiantara Retno Marita
President Vice President Commissioner Gauthier Panjaitan Oendoen Commissioner Independent Marsudi Alisjahbana
Commissioner Commissioner Commissioner Commissioner Commissioner Commissioner Independent Independent
Commissioner Commissioner
Board of Directors
Bernardus Irmanto Abu Ashar Heriyanto Agung Budiawansyah Rizky Andhika Muhammad Asril Luke Mahony
President Director & Vice President Director Putra Director & Chief Putra Director & Chief Director & Chief
Chief Executive Officer & Chief Operation and Director & Chief Sustainability and Director & Chief Project Officer Strategy and Technical
Infrastructure Officer Human Capital Officer Corporate Affairs Financial Officer Officer
Officer
Our leadership team embodies rich diversity in genders, backgrounds, and expertise, reflecting a strong commitment to Diversity, Equity, and
Inclusion (DEI). With over 100 years of combined experience in the mining industry, our executive committee brings a wealth of knowledge and
strategic insight. Each leader contributes unique perspectives and innovative approaches, fostering collaboration and effective decision-making.
This diverse experience enhances our operational excellence and positions us to navigate challenges and seize opportunities in a dynamic
industry. Together, we are dedicated to driving sustainable growth and creating an inclusive environment where every voice is valued.
7 As of July 28, 2025
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PT Vale continue to be mindful of the environmental impact and thoughtfully
weave sustainable practices into everything we do
2Q 2025 achievements
GHG Intensity
(tCO2e/ton Ni)
2Q 2025 Goal ALL: 29.76
2Q 2025 Goal SOR: 30.61
2Q 2025
Actual ALL 28.65 EPSA Award 2025
AREA AWARD 2025 InTechSEA Award 2025
Actual SOR 29.89
In June 2025, PTVI was In August 2025, PTVI was awarded two In August 2025, PTVI was awarded seven (7)
awarded two International Award National Award from InTechSEA for National Award from EPSA for Gold Award for
from Area Award for Green Platinum Award for Biodiversity Ecosystem protection , Green Power Innovation
Leadership and Social Category and Gold Award for Social and Hydro Smart Innovation Category, Silver
Empowerment category Food category Award for Low Carbon Innovation and Community
Development and Broonze Award for Eco-Cycle
innovation.
SO2 intensity
(kg S / kg Ni)
2Q 2025 Goal: 0.80
2Q 2025
Actual 0.70
In July 2025, we continue to lower our Sustainalytics
8 medium risk rating from 29.4 to 28.6 Medium Risk category
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Part II Operational Updates Presented by Abu Ashar
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2Q25 Safety Progress & Commitment
Emergency Drill with Government & Community Critical Control Verification
TRIFR: 0.51
improving vs Q1 (0.79)
Fatalities
0 Fatalities in 1H 2025
Dam Emergency Drill with government and community,
proving strong collaboration and preparedness
Leadership Internal Audit on ISO 45001 & ISO 14001
Leadership Engagement
Strengthened (LIF >90%)
Critical Risk
Critical Risk Controls Verified
on a daily basis Critical Risk Management ensures high-risk
activities are controlled and critical controls
Internal audits in June 2025 reinforce compliance and function effectively to prevent fatality
strengthen ESG commitments
“Our improving safety performance reduces operational risk and strengthens our license
to operate, reinforcing our long-term commitment to a Zero Harm culture”
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1st Half 2025 Recap & Strategy to Navigate the Year Ahead
71,234
19,500 Our 2025 strategy:
Nickel in matte production (t)
19,000 ▪ Initiated negotiations for improved
18,500 nickel matte payable terms.
18,000 ▪ Leverage the completion of major
17,500 maintenance in 1H to ensure stable
17,000
and optimized operations
Including EF
Rebuild throughout 2H.
16,500 18,557
▪ Set the foundation for Bahodopi ore
16,000 sales preparation and Bahodopi
17,027
15,500 Block 1 ore upgrade to boost matte
15,000 production.
14,500 ▪ Maintained strong cash-costs and
Q1 Q2 Q3 Q4 preserved cash position.
F1 electrode soft F2 total roof repair No EF1 Roof F2 partial roof
breakage (12 days) Replacement repair (7 days)
+ Move to April Total shutdown cancelled
Roof Replacement
(26 days) F4 Roof and Transformer
(19 days)
We made strategic decision to accelerate 2H maintenance to 1H, including a 38-days total
shutdown of EF1 due to the Electrode Fire incident and EF2 maintenance, and accelerated
preparations for a EF3 rebuild to ensure stable operations in 2H.
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Part III Growth Projects Updates Presented by Muhammad Asril
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PT Vale’s development strategies to unlock its potential
Achieving ambitious sustainability
targets and adhering to the highest level
PT Vale is firmly dedicated to establish
of mining practice itself as a go-to supplier within the
Strengthening business diversification global nickel chain
Viable scale expansion & Resource • As a Vale brand, PT Vale will
Optimization • JV projects will provide PT Vale maintain the highest level of FY24A FY29E
with the ability to supply MHP in credibility and reputation in mining
• Provided that 100% of sales are addition to nickel in matte practice and operational excellence
under “must-take” agreements, Nickel production 71ktpa 162ktpa2
production expansion & optimization • With the lowest Sustainalytics score
will be the core driver of topline • The combination of different for diversified metal company in
growth Indonesia, PT Vale has the Processing plant 1 4
products would well position PT
Vale as a strategic supplier in nickel qualifications and commitments to
become IRMA certified1
supply chain, including battery IRMA1 IRMA50
value chain None At reasonable
o Construction of three processing • PT Vale is a four-time recipient of certification effort
facilities in Sorowako, Morowali, Green Proper, and this year received
and Pomalaa
• In addition to Vale and SMM, other a Gold Proper, being the only
blue-chip downstream players Indonesian integrated mining-
o Technological transformation with including North American & processing company to achieve such
the support of experienced JV European OEM ( such as Ford) will recognitions Off-takers
partners look to PT Vale as a strategic
supplier • Conviction from management to
o Conducting large-scale achieve carbon emissions reduction
exploration activities to enable of 33% by 2030 and Net Zero by
resources optimization 2050
Focused Transformation Differentiated Global Mining Platform
(1) IRMA (Initiative for Responsible Mining Assurance) is a fully independent assessment against a comprehensive standard for all mined materials and
analyses the full range of issues related to a company's impact from industrial-scale mines
(2) PT Vale portion only
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Growth projects
Advancing construction progress with 1st ore shipment from Bahodopi commences
Morowali Project Pomalaa Project Sorowako Limonite Project
✔ 1store shipment completed on July 26th, supported ✔ Work is prioritized in critical areas to support ✔ AMDAL addendum completed, enabling our
by approved RKAB for 2.2M tons of saprolite ore. early mining and first ore delivery, including the partner to begin construction of slurry pipeline.
main haul road, stockpile, and sediment pond.
✔ Nursery inauguration conjunction with the first ore ✔ Enggano Camp is now occupied, construction
shipment, reinforcing our commitment to ✔ AMDAL addendum 120kT is ongoing following continues for key infrastructure, including
sustainability. the approval of the feasibility study. stockpiles and the MRAL laboratory building.
✔ On the JV side, earthwork construction started ✔ On the JV side, progress is advancing in HPAL ✔ On the JV side, focus on securing key permits,
with 680 workers. Permits and licenses are in area for the autoclave foundation and IPIP Port, land acquisition and finalizing Shared Facility
progress, Environmental Management Plan work is ongoing for land leveling, reclamation, and Agreement (SFA) between PTVI and HLNI.
(RKL/RPL) for BNSI has been issued. foundation construction for the heavy cargo berth.
Limonite Stockpile Enggano Camp - occupied
1st Ore Shipment Nursery
HLNI ITSP activity
HLNI visit Balantang Port
Acid Plant Earthwork Living Area Construction IPIP Port HPAL Foundation Work
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Part IV Financial Results Presented by Rizky Andhika Putra
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1H25 Key Financial Results
Improved cash cost of sales and profitability with ore sales serving as additional baseline of income
Revenue EBITDA Net Profit Cash & Equivalent
US$ 427 Mn US$ 92 Mn US$ 25 Mn US$ 507 Mn
- 32% vs 1H24 - 39% vs 1H24
- 11% vs 1H24 - 26% vs 1H24
Unit Cash Cost of Sales Production Volume Sales Volume Price
Nickel Matte Nickel in Matte Nickel Matte
US$ 8,944 35,584 tNi Nickel Matte Ore Saprolite US$12,014
34,635 tNi 147,491 wmt
- 6% vs 1H24 + 2% vs 1H24 - 10% vs 1H24
- 2% vs 1H24 + 100% vs 1H24
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Second Half Revenue Uplift
Nickel Matte Saprolite Ore
(USD Mn) (USD Mn)
452 +4% new nickel
matte terms
Market premium
impact @FOB
117
422 430
61
5
1H/25 2H/25 1H/25 2H/25
Actual Fcast Actual Fcast
Through:
❑Drive Margin Recovery: Secure better nickel matte payable terms
to improve revenue and strengthen financial resilience.
❑Unlock ore sales potential: Enhance operational and commercial
readiness, including securing a buyer for 2.2 million tons of
saprolite ore at a strong premium price compared to HPM.
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Cash outlook l Prudent cash management to cope with the capex expansion.
Strong credential as underlying to obtain standby funding facility
1H/2025 Actual July to Dec 2025 Forecast 2026-2027 Investing
Standby
Funding 907
35
675 92 Bahodopi mine Facility 53
36
Pomalaa mine 750
226
183
Sustaining 111 Bahodopi Mine
507 Pomalaa Mine
83 Sorowako Limonite Mine
61 298 Tanamalia
Sorowako Sustaining
65
JV Call Option
6 26 615 Others
-241 115
SorLim mine
30
Tanamalia
161
20 16 20
Beg Cash Cash from Cash from Cash from Jun-25 2H Investing 2025 End Capex 26 Capex 27
Operating Financing Investing End Cash Cash
PT Vale Credentials
Abundance resources Strong fundamental
Growth pipelines BB+ credit rating
Commitment to sustainability Sustainalytics ESG Rating Medium
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“There is no future without mining, and there can be no mining without caring about the future.”
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Contact us Investor Relations PT Vale Indonesia Tbk Phone: +62 21 524 9000 Web: www.vale.com/indonesia Email: ptvi.investorrelation@vale.com
Names mentioned 12 people and organisations named in the text · linked when the evidence is strong
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· President Director
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PT Vale Credentials Abundance
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