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Public Information
PT Vale Indonesia Tbk
Location: Pomalaa mine
A presentation for Medan Investor Meeting and Connectivity 2025
July 25, 2025
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Agenda // Contents:
Part I PT Vale at Glance
Part II 1Q25 Key Updates
PT Vale Part III
Part IV
Operational Updates
Growth Project Updates
Obtaining positive results and new growth Part V Financial Results
driver amid uncertainty
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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 PT Vale at Glance
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Learning together
Key Behaviours Ambitions
Values • Obsession with safety and Levers A great company recognized by
society for being:
Our • Compassion
risk management.
• Safety
• Benchmark in safety.
• Open and transparent • VPS
Purpose dialogue.
• Best in class reliable
We exist to improve • Accountability • People operator.
life and transform • Empowerment with • Talent driven organization.
the future. • Resilience accountability.
• Innovation • Leader in sustainable
mining.
Together.
• Excellence • Sustainability • A reference in creating
• Sense of ownership.
and sharing value.
• Sustainability • Active listening and
engagement with society.
Why do we exist? What do we believe in? How do we act? What do we look for?
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A proud history in Sulawesi, with exploration since the 1920s and initial operation in 1970s.
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We are one of THE
• Our product nickel matte (has among the highest
nickel contained of 77%-78% Nickel)
PIONEERS of • We expanded our plant over few decades and now our
capacity represents ~2% of world nickel production1
nickel industry in • By March 2025, we have 3,064 employees, 99.9%
Indonesian, 88.4% residence of Sulawesi and
Indonesia 82.6% are residence of Luwu Timur
¹ Woodmac Report Dec 2024
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Our 50+ proud history: Key developments and Milestone
Final investment decision made for
Bahodopi Nickel Processing Facility
using RKEF technology
Final investment decision made for
Commercial PT Inco lists 20% of Pomalaa HPAL JV with Huayou and
its shares on the Ford, as well as for Sorowako HPAL Bahodopi & Pomalaa
production
Construction Indonesian stock JV with Huayou processing plants to
starts
start exchange be operational
Built 4th line expansion
in Sorowako
1968 1973 1976 1978 1988 1990 1996 1999 2014 2020 2022 2023 2024 2026
Establishment of PT PT Inco sells 20% of Signing of the 1996 PT Vale received the extension
Vale and SMM
International Nickel its shares to CoW of operating permit in the form
completed the sale
Sumitomo Metal of IUPK, and completed further
Indonesia (“PT Inco”)
and the signing of Mining Co., Ltd. ∙ extending to and transfer of an
aggregate of 20% of
Vale and SMM divestment from
(“SMM”); 80-20 long December 2025
Contract of Work their shareholding in
PT Vale
(“CoW”) for a 30-year term off-take
agreements
∙ new investment PT Vale
concession undertakings
Signing of HOA on the 3rd
10,000 Indonesians and Renegotiation and signing of divestment with MIND ID
1,000 expats employed to 2014 CoW
build the processing
facility and the power-
∙ right to apply to extend up to
2045
generating plant, port ∙ new investment undertakings
facilities, airports and
other required
∙ 1st major company to
renegotiate
infrastructure
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PT Vale Receives Extension of Operating Permit (Special Mining Business Permit (IUPK)) PT Vale Indonesia Tbk officially received an extension of its operating permit (for the period up to December 28, 2035) following the issuance of a Special Mining Business Permit (IUPK) in the name of PT Vale. The IUPK, received by the Company on May 13, 2024, provides legal certainty for the Company to operate within its concession area and to execute its business’ growth strategy. Based on the IUPK, PT Vale is now subject to payments of IUPK profit sharing of 10% from its Net Income to the Government of Indonesia in accordance with prevailing regulations. This will increase the Company’s contribution to the state as well as to the regions.
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PT Vale ownership structure – a synergy between strong shareholders to
ensure the success of the Company
One of world’s largest producers Develops and mines non-ferrous The flagship holding company for
of iron ore and nickel. Operations metals (copper, gold, nickel, and Indonesia’s mining operations
in the Americas, Europe, Asia, the other precious metals). Japan- wholly-owned by the
Middle East, and Africa based and serves customers government. Holdings include
globally ANTAM, Bukit Asam, Freeport
Indonesia, INALUM, Timah and
PT Vale
PUBLIC
Prior divestment 44.37% 15.03% 20.00% 20.64%
Post Closing* 33.88% 11.48% 34.00% 20.64%
* Public exercised 100% its right
• It is in the best interest of all three strategic shareholders to ensure the success of PT Vale and support PT Vale in its growth
trajectory, with each shareholder contributing different value-adds
• The government of Indonesia would position PT Vale as its national champion to attract more western investment
• Therefore, the good mining practices and sustainability practices would be key to PT Vale. The shareholders are
committed to drive the sustainability agenda as key differentiator of the company
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Board of Commissioners
Rachmat Emily Olson Chris McCleave Kristina M. Jasman Edi Permadi Yusuke Niwa Rudiantara Retno Marita
Kaimuddin Vice President Commissioner Gauthier Panjaitan Commissioner Commissioner Independent Marsudi Alisjahbana
President Commissioner Commissioner Commissioner Commissioner Independent Independent
Commissioner Commissioner Commissioner
Board of Directors
Bernardus Irmanto* Abu Ashar Adriansyah Bernardus Irmanto Rizky Andhika Muhammad Asril Luke Mahony
Act. President Director Vice President Director Chaniago Director & Chief Putra Director & Chief Director & Chief
& Chief Executive & Chief Operation and Director & Chief Sustainability and Director & Chief Project Officer Strategy and Technical
Officer 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.
*Bernardus Irmanto has taken on the role of Acting President Director of the Company as of April 24, 2025.
This follows Febriany Eddy's new appointment as Managing Director of Danantara.
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Part II 1Q25 Key Updates
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1Q 2025 Key Updates
➢approximately
The Company commercially sold nickel ore, for the first time,
80kt tons of saprolite ore delivered to domestic market.
The transaction marking a more diversified revenue stream and
positive progress toward the Company’s future prospect.
➢completed
On March 26, 2025, GEM Hong Kong International Co. Ltd.
its acquisition of BNSI, the JVCo for Morowali HPAL, which
resulted in a change of PTVI's ownership in BNSI from 100% to 49%.
➢taken
On April 24, 2025, following the appointment of Febriany Eddy, who's
new role as Managing Director of Danantara, the Company
appointed Bernardus Irmanto as acting President Director.
➢asForof December
the first time, the Company disclose its mineral resources data
31, 2024. This includes both limonite and saprolite
ores, not only from the Sorowako block but also from Bahodopi Blocks 2
and 3, Pomalaa, and the SOA Blocks.
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The largest nickel resources in Indonesia, located in three different provinces,
with abundance of potential
As of December 31, 2024 As of December 31, 2023 Var (%)
Ore
Million Million % Million Million % Million Million %
Resources
Tonnes Tonnes Nickel Tonnes Tonnes Nickel Tonnes Tonnes Nickel
(wmt) (dmt) Grade (wmt) (dmt) Grade (wmt) (dmt) Grade
Limonite
Measured & 482.28 310.10 1.14 711.42 451.37 1.14 (32) (31) 0
Indicated
Limonite
50.3 31.1 1.1 50.3 31.1 1.1 0 0 0
Inferred
Saprolite
Measured & 262.94 166.20 1.70 254.72 162.91 1.70 3 2 0
Indicated
Saprolite
562.3 288.0 1.8 537.2 276.6 1.8 5 4 0
Inferred
As of December 31, 2024 As of December 31, 2023 Var (%)
Ore
Million Million % Million Million % Million Million %
Reserves
Tonnes Tonnes Nickel Tonnes Tonnes Nickel Tonnes Tonnes Nickel
(wmt) (dmt) Grade (wmt) (dmt) Grade (wmt) (dmt) Grade
Limonite 563.72 347.07 1.14 346.85 213.31 1.15 63 63 (1)
Saprolite 470.90 214.77 1.72 493.66 221.35 1.72 (5) (3) 0
Map of Sulawesi, Indonesia
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We respect the planet. After 50 years
of operation, the quality of Lake
Matano is well maintained
Total dissolved
solids (mg/l)
Class-1 River
1000 Water Quality
Standard1
300 Bottled Mineral
Water Standard2
172 Lake Matano3
• Effluent is managed through >100 settling ponds
before entering Lake Matano
• Over than 50 years conducting mining the water
quality of Matano is remain protected
1. PP No. 22/2021
2. Permenkes RI No.2/2023
3. Based on external laboratory measurement in 2023
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As part of our ongoing commitment, we operate in alignment with environmental
stewardship and integrate sustainable practices across our operations
1Q 2025 achievements:
ASRA (Asia Sustainability
Reporting Award)
GHG Intensity SO2 intensity Reclamation Bronze award in the category of
(tCO2e/ton Ni) (kg S / kg Ni) (Ha) Asia’s Best Sustainability Report
(CEO Letter)
Q1 2025 Goal: 31.40 Q1 2025 Goal: 0.80 Q1 2025 Goal: 26.54 PT Vale
1Q 2025 1Q 2025 1Q 2025 Gold Proper
Actual 30.67 Actual 0.71 Actual 22.75
Rehabilitation DAS 1Q 2025
800 ha (34.60%) 581 ha (18.9%)
0 ha (0%) SouthEast Sulawesi
South Sulawesi Central Sulawesi
P#1 Maintenance N1 P#0 Planting 169 Ha (39.8%)
Hand Over N1
Bali
1,412 ha (33.4%) 92 ha (3.0%) P#0 Planting
Central Sulawesi 151 Ha (34.7%)
South Sulawesi West Java
P#1 Maintenance N2 P#0 Planting N2
P#2 Maintenance
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Part III Operational Updates
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We started 2025 with National K3 month commemoration with various
activities to improve safety, health, discipline and teamwork across our
employees, contractors and communities
National K3 Month
2.56
2.39
1.81
1.62
1.50
1.28 1.24
2.25 2.17 0.95
0.80
1.62 0.67 0.64 0.55
0.58 0.61
1.38 0.51 0.48
1.25
0.38
0.98 Activities in K3 Month
0.25 0.81 0.79
0.17 0.19 0.22 0.62 0.200.70 0.68 0.69 (Safety Challenge, Volleyball, Fire Simulation,
0.10 0.11 0.12 0.11 0.50 0.100.53 0.51 0.13 0.14
0.06 0.06 0.31 0.02 0.28 K3 to School, Cross Fit, K3 Appreciation, etc)
0.00 0.00
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25
LWCFR TRIFR TRIFR target
TRIFR In 1Q25, actual TRIFR increase above tolerable value
due to there were 7 (seven) recordable injuries including
0.69 in our contractor activities.
TRIFR = Total Recordable Incident Frequency Rate
LWCFR = Lost Work Case Frequency Rate
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We took opportunity to accelerate our maintenance schedule from the
Q3 to the Q1 of 2025, allowing us to better align our operations in the
upcoming quarters
71,234
Nickel in matte production (t)
17,027
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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Part IV Growth Project Updates
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We are advancing a US$9bn investment in nickel mining & downstream processing infrastructure,
with a strong commitment to clean energy integration—positioning ourselves for long-term,
sustainable growth
Mine Development (100% PTVI Own) Downstream HPAL JV Partners
Morowali HPAL - GEM
Bahodopi Mine
Structure: 30% PTVI ownership
Total Capex: USD 0.5 Billion Total Capex: USD 1.4 Billion
Status: Status:
- Construction Progress – 76.36% (Apr 2025) - First Partner equity injection in Mar-25
- Estimate of Completion – Q3/2025 - Under construction with progress 4.5%. Est Completion – Q4/2026
Production Capacity: 16 Mtpa of Limonite and Saprolite Ore Production Capacity: 60ktpa of mixed hydroxide precipitate (MHP)
Pomalaa Mine
Pomalaa HPAL – Huayou & Ford
Total Capex: USD 0.5 Billion
Structure: PTVI Rights up to 30% Call Option
Status:
Total Capex: USD 2.7 Billion
- Construction Progress – 20.22% (Apr 2025)
Status:
- Estimate of Completion – Q3/2026
- Under construction with progress 13.9%. Est Completion – Q4/2026
Production Capacity: 28 Mtpa of Limonite and Saprolite Ore Production Capacity : 120ktpa of mixed hydroxide precipitate (MHP)
Sorowako Limonite Mine
Sorowako Limonite HPAL - Huayou
Total Capex: USD 0.2 Billion
Status: Structure: PTVI Rights up to 30% Call Option
- Construction Progress – 14.5% (Apr 2025) Total Capex: USD 1.9 Billion
- Estimate of Completion – Q4/2026 Status: Under construction with progress 4.7%. Est Completion – Q2/2027
Production Capacity: 11 Mtpa of Limonite Production Capacity : 60ktpa of mixed hydroxide precipitate (MHP)
Sorowako Outer Area (Tanamalia) Tanamalia HPAL
Status: Exploration program Status: Partners selection
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Growth projects
Mines construction are underway, each showing progress as per schedule
Bahodopi mine Pomalaa mine Sorlim mine
✔ The construction is on going with progress 76.36% and ✔ The construction is ongoing with progress ✔ The construction is ongoing with progress
total workforce to date is 2,733 people. 20.22% and total workforce to date is 2,144 14.5% and total workforce to date is 392
✔ 1st cut mining done, continue with partial mining people. people.
operation. ✔ Dormitory is 100% complete and occupied.
✔ RKAB for 2.2M saprolite ore was submitted on April Efforts are now focused on accelerating the ✔ Construction facility in progress: camp &
10, 2025. Ore sales are set to begin in early 3Q25. progress of other facilities, including the office, MRAL modular, parking area,
sediment pond, stockpile, and necessary canteen, temporary office.
infrastructure, to support early mining in 2025.
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Bahodopi Mine 23
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Bahodopi HPAL 24
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Pomalaa Mine
Project Pictures
Mine Entrance 34%
Operation Camp 41% Workshop & office Pad 24% MHR 8000 – 11500 21%
Stockpile PB5 2.07% Dormitory Inauguration Dormitory 100%
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Pomalaa HPAL
Project Pictures
FPP Water Tank Foundation FPP area Upper Stucture Const. Autoclave Inspection HPAL area Pilling Works
Piling Works in FPP area Road Pavement SAR area HPAL area Batching Plan Port Development
Feed Preparation Plan (FPP) and Southern Acces Road (SAR) High Pressure Acid Leaching (HPAL) , Autoclave Inspection and Port
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Sorowako Limonite Project 27
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Part V Financial Results
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As part of the solution, energy transition minerals must
come from sustainable processes
Process Chain of EV Battery:
Mining Chemical Cathode/Anode Battery Pack Auto Industry
• ESG issues can disrupt the energy transition worldwide;
• Mining and refining of these minerals must be environmentally friendly given the reality of climate change
and the importance of ESG actions for society and investors;
• Indonesia, as one of the primary sources for energy transition minerals, needs to embrace and promote
responsible and sustainable mining and good governance practice;
• We are pleased to be a leading company helping guide this transition.
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Remains competitive with positive cash margin, despite continued
pressure from nickel price
In addition to the downtrend of
24,500 input commodity prices, our
energy mix initiative has
22,000
contributed to a reduction in the
19,500 UCC of Sales, showing
continued improvement over the
17,000
previous quarter
14,500
12,000 11,932
9,500 8,978
7,000
8,501
4,500
Average realized price Unit Cash Cost of Sales
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We continue to focus on improving efficiencies through implementation of
procurement bulk material sourcing strategy where positive result was reflected
in this quarter
1Q25 4Q24 1Q24 % QoQ % YoY
Volume (barrels) 319,536 336,513 425,301 (5) (25)
HSFO
Average price per barrel $84.64 $87.07 $85.63 (3) (1)
Volume (kiloliters) 18,614 15,319 18,473 22 1
Diesel
Average price per liter $0.79 $0.78 $0.84 1 (6)
Volume (ton) 118,018 121,104 117,115 (3) 1
Coal*
Average price per metric ton $161.49 $182.11 $176.85 (11) (9)
* Starting in 3Q23, coal price presented in WMT (Wet Metric Ton) and CFR (Cost & Freight) basis
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1Q25 Key Financial Results
Improved cash cost of sales and profitability with ore sales serving as additional
baseline of income
Revenue EBITDA Net Profit Cash & Cash Equivalent
US$ 207 M US$ 52 M US$ 22 M US$ 601 M
Lower 15% vs 4Q24 Lower 5% vs 4Q24 Higher 228% vs 4Q24 Lower 11% vs 4Q24
Lower 10% vs 1Q24 Lower 1% vs 1Q24 Higher 252% vs 1Q24 Lower 18% vs 1Q24
Unit Cash Cost of Sales Production Volume Sales Volume Price
Nickel Matte Nickel in Matte Nickel Matte
Nickel Matte Ore
US$ 8,501 17,027 tNi 17,096 tNi 80,096 WMT US$ 11.9 K
Lower 5% vs 4Q24 Lower 8% vs 4Q24 Lower 11% vs 4Q24 Higher Lower 5% vs 4Q24
Lower 9% vs 1Q24 Lower 6% vs 1Q24 Lower 6% vs 1Q24 167% Lower 6% vs 1Q24
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Continuous review of capex planning resulted in anticipated cash savings of c.
$800mio throughout investment cycle, improve resiliency of business plan amid
moderating price environment
Improvement in capex from mining development and HPAL project (Pomalaa)
Bahodopi – Morowali Pomalaa Sorawako Limonite
PTVI Ownership 100% Mine / 30% HPAL (Milestone Base) 100% Mine / 30% HPAL (Option) 100% Mine / 30% HPAL (Option)
CAPEX (until COD) $0.5Bn Mine / $1.4Bn HPAL $0.5Bn Mine / $2.7Bn HPAL $0.2Bn Mine / $2.1Bn HPAL
COD Q3/2025 Mine Q3/2026 Mine 2027
JV Structure Milestone Based 30% Ownership Call Options Max 30% Ownership Call Options Max 30% Ownership
907
53
36
750
183
111
538
298
180
354
38 1
105 615 26
115 24 215
80 30
13 177 64
11 14
161
150 4 104
16 64
0 10 20 20 20 20 2
2025 2026 2027 2028 2029
Previous Capex Bahodopi Mine** Pomalaa Mine*** Sorowako Limonite Mine Tanamalia Bahodopi Mine Sustaining Pomalaa Mine Sustaining Sorowako Sustaining SorLim Sustaining Equity participation Others
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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 17 people and organisations named in the text · linked when the evidence is strong
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PT Inco
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PT Vale Receives Extension
p.9
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PT Vale. The IUPK
p.9
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Gauthier
· Commissioner
p.11
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Vice
· President Director
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Chaniago
· President Director
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GEM Hong Kong International Co. Ltd.
p.13
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