TORONTO, July 23, 2024 -- Vale Base Metals Ltd. ("VBM"), the holding entity for Vale's energy transition metals business, today announces the appointment of Shaun Usmar as Chief Executive Officer. Mr. Usmar will assume his new role by the end of the year and will be based in Toronto. He will take full responsibility for the executive management of the business, bringing his extensive experience and strategic vision to lead the company into its next phase of growth. 

Commenting on Mr. Usmar's appointment, Mark Cutifani, Chairman of Vale Base Metals, said, "After a thorough external search process, we are delighted that Shaun will join us as CEO of VBM. Shaun has an outstanding track record in our industry,and I am confident that he is the right person to safely lead our company as we look to capture the significant value potential recognized in our resources and assets. On behalf of the Board, we congratulate Shaun on his appointment as Chief Executive."

Mr. Usmar is an international mining executive with over 30 years of experience working globally in operational, financial, and executive leadership roles in some of the world's largest and fastest-growing mining companies. Prior to this appointment, Usmar founded Triple Flag, and served as Senior Executive Vice President and Chief Financial Officer of Barrick Gold Corporation from 2014 to 2016, where he helped restructure the company.

His career also includes significant roles at Xstrata, where he joined in 2002 as a senior executive and helped grow the company into one of the world's largest diversified miners. His roles at Xstrata included General Manager of Business Development in London, Chief Financial Officer of Xstrata's global Ferro-Alloys business in South Africa, and Chief Financial Officer of Xstrata's global Nickel business in Canada. Usmar's experience further extends to BHP Billiton in Corporate Finance and operations in the steel and aluminum industries as a production engineer.

Commenting on his new role, Mr. Usmar said, "Vale Base Metals is uniquely positioned as a focused global energy transition metals company to provide the critical metals the planet needs as it transitions from fossil fuels. I am extremely excited by the potential the business offers, with its vast mineral endowment, deep talent base, technological capabilities and global platform. There is so much potential and opportunity to unlock value for all stakeholders through the portfolio's imbedded growth optionality, commitment to innovation and for this business to play a formidable role as a sector leader in shaping the future of the industry. Against this backdrop, it is a great time to be stepping into the role of CEO. I am deeply grateful for the opportunity and I look forward to the possibilities ahead and to working closely with the talented executive team, all our employees and our Board."

About Vale Base Metals:

Vale Base Metals is one of the world's largest suppliers of high-quality critical materials including nickel, copper and cobalt. Headquartered in Toronto and with operations in Canada, Brazil, the UK, Japan, and non-operated joint ventures in Indonesia, the business is committed to safely delivering the critical building blocks for a cleaner, greener and more secure future. 

For further information, please contact: Vale Base Metals, julio.gama@vale.com, +1 (416) 357-9747; Brunswick Group, ValeBaseMetals@brunswickgroup.com, +44 (0) 20 7404 5959

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