Hi, Sorrenson,

Here's my thinking on why I am not concerned about the VALE press release you shared.

The press release is, in my view, a process/milestone announcement in the context of a much larger carbon emissions reduction strategy by VALE. That is, the press release is not meant to be an overview of of the bigger picture. It specifically frames the use of natural gas as "a transition fuel in the decarbonization process." It also puts the use of this transition fuel in the 2024 timeframe.

A bigger picture of VALE's climate change strategy can be obtained by going to VALE's "Climate Change Report 2021" (link: http://www.vale.com/esg/pt/Documents/Vale_CC_2021-EN.pdf). On page 18 of that report, you will find:

Pelletizing and metallurgy are responsible for more than half of Vale’s emissions and the main decarbonization solutions are: increased use of bioenergy, electrification through the use of plasma to substitute fossil fuels, and energy efficiency gains.

Vale has been piloting the substitution of coal and other fossil fuels and the use of biocarbon and bio-oil shall be tested in 2021.

(The use of boldface is from the report, not my emphasis.)

I note that the company said "main" decarbonization solutions. I find VALE's inclusion of plasma on this list significant. This is an indicator of seriousness.

Of the three main solutions, the first mentioned, bioenergy, is then characterized as what will be tested in 2021. So it lines up that biocarbon would be mentioned as a "coming soon" in their 2022 press release.

I would not expect a reference to plasma testing so close in time to the basic installation of a first torch. Remember, this is a company that took 20 years to develop its iron briquette product.

In the context of their climate strategy, VALE is pushing initiatives in so many areas -- from collaborating with BHP and RIO, to redesigning ships (sails! air lubricated hulls!), to venture capital in climatetech (incl. investing in Boston Metals), to name a few -- that I am happy to wait and see what they say when it's plasma's turn to get talked about.

Anyway, that's why I am not worried about VALE not mentioning plasma in this press release. As always, I could be wrong. I've been wrong before. But I've been right, too. And that's my read on the situation.

As for Mr. Pascali commenting on this, I take donice's point. He won't. I do not see him backdoor confirming that VALE is Client A by commenting directly on the VALE press release about their sourcing natural gas to replace fuel oil.

GLTA