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PT Vale Indonesia Tbk
A presentation for PUBEX Live 2026
Jakarta, 10 September 2026
Public Inf ormat ion
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Table of Content: 1. 2Q26 Financial Highlights 2. Operational Update 3. Growth Projects Update 4. 2H26 Strategic Direction
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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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2Q26 Financial Update
PT Vale continues to build its operational foundation for long-term growth
Public Inf ormat ion
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Strong Q2 performance. Delivered higher production
volume to capitalize favorable nickel price momentum
Production and Sales
o Nickel matte production and deliveries totaled each 16,153 tons and 13,932
tons, reflecting stronger operational performance upon the completion of
Furnace 3 Rebuild project in June 2026.
o Nickel ore sales from both the Bahodopi and Pomalaa blocks reflect
continued progress and support PT Vale’s strategy to diversify its revenue
streams.
Financial Performance and Profitability
o Revenue was US$290 million in 2Q26, improved by 15% QoQ, triggered by
higher volume and higher nickel matte price of US$14,765/t, up 4% QoQ.
o EBITDA rose 45% QoQ to US$116 million, reflecting improved operating scale
and efficiency
o Net profit reached US$61 million, up 39% QoQ, reflecting improved
production volume and operational performance.
Operational Highlights
o Completion of the Furnace 3 Rebuild project in June 2026 and the ongoing
operational ramp-up continue to support stronger performance and
growth.
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1H26 Key Financial Highlights
2. Chapter title
P h o to: A u t hor C r e d it
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Operational Update
Stronger operational performance upon the
completion of Furnace 3 Rebuild project in June
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Among the safest operators in global mining
PT Vale's recordable injury rate is 78% below the ICMM peer-group average and still improving.
Alcoa 8.25
Boliden 7.80
BHP 4.48
Sibanye-Stillwater 3.78
South32 3.26
Teck 2.76
Freeport-McMoRan 2.74
Still improving — injury rate so far this year vs last year
African Rainbow Min. 2.34
Gold Fields 2.23
ICMM member average 2.21 2025 2026
Newmont 2.17
0.90
Glencore 2.14
MMG 2.06
0.60
Rio Tinto 1.86
Hydro 1.75
Codelco 1.67 0.30
Antofagasta Minerals 1.65
Hindustan Zinc 1.57 0.00
Minera San Cristóbal Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1.54
Anglo American 1.26
Orano 0.97
AngloGold Ashanti 0.97
Minsur 0.78
Barrick 0.71
PT Vale Indonesia 0.49
Ma'aden 0.30
0 2 4 6 8
Amber bar — average of all 26 ICMM member companies · PTVI figures are consolidated within Vale Group's reported 1.58
Source: ICMM Safety Performance Benchmarking Report 2025 (26 member companies, 2.80 billion hours worked, published 30 July 2026); PT
Vale Indonesia Frequency Rate Dashboard, data to 31 July 2026. All rates per 1,000,000 hours worked and include employees and contractors.
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Continues growth platform across three mining blocks; Sorowako,
Bahodopi, Pomalaa
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Growth Projects Update The strong performance from both growth projects highlights the successful ramp-up of operations
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Indonesia Growth Project (IGP) Performance
PT Vale strategic investment program in mining and down streaming processing
Bahodopi Block
22.699 Ha
Sorowako Block
70.566 Ha
Pomalaa Block
20.286 Ha
Sulawesi, Indonesia
We invest $7.2 billion to support nickel downstream
processing in Indonesia: unlocking potential,
uplifting operation, and utilizing clean energy
aFID: Final Investment Decision bMHP: Mixed Hydroxide Precipitate cMC: Mechanical Completion
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Three growth projects in our pipeline are making progress
2. Chapter title
P h o to: A u t hor C r e d it
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2H26 Strategic Direction Driving Growth, Discipline, and Profitability
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2nd Half key priorities – delivering
growth with persistency and discipline
Production and Sales
o Additional RKAB approvals secured, reinforcing production continuity
and growth visibility.
o Higher nickel in matte production, with further upside anticipated
following the Furnace 3 Rebuild completion.
o Potential growth in nickel ore sales volumes across both limonite and
saprolite ores, supported by competitive pricing and strong demand.
Growth Focus
o Successful mechanical completion of two smelters
o Advancing toward HPAL operational readiness
o Progressively ramping up mine capacity to support HPAL ore
requirements
Profitability
o Cash cost maintained at, or potentially below US$10,000/t
o Strengthened liquidity position, enabling lower-than
forecasted loan drawdowns
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“Shaping a brighter future through responsible mining,
where progress and care go hand in hand”
Matano Lake, Sorowako
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Contact us:
Investor Relations
PT Vale Indonesia Tbk
+62 21 - 524 9000
www.vale.com/indonesia
ptvi.investorrelation@vale.com
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PT Vale Indonesia Frequency Rate Dashboard
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