Belo Horizonte, March 12, 2026
Itaminas Comércio de Minérios S.A., a company founded in 1958 with 67 years of operation in the Brazilian mining sector and guided by high standards of integrity, transparency and responsibility toward society, the environment and the communities where it operates, hereby makes the following statement to the public.
In light of recently published news reports, in which, notably, the company was not previously given the opportunity to respond, in disagreement with recommended journalistic practice, Itaminas states that the claims regarding the alleged acquisition by the company’s current partners of the equity stake previously held by Daniel Vorcaro under irregular conditions or below market value do not correspond to reality.
The transaction in question was completed in September 2025, not in November of that year as stated in the reports. It consisted of the exercise, by Itaminas’ own partners, of the right of first refusal provided for the sale of the 50% stake then held by Daniel Vorcaro in the company. The transaction was carried out at EBITDA multiples higher than those practiced by comparable companies in the mining sector, a circumstance that unequivocally rules out any allegation that the deal was made at an “unfairly low value.” The figures mentioned in the reports do not correspond to the terms actually agreed.
On the same date the share purchase agreements were signed, the parties formally and proactively notified the Central Bank of Brazil, the Credit Guarantee Fund (FGC) and all other competent authorities, providing full information regarding the transaction. To date, there is no pending matter, inquiry or proceeding opened by these authorities related to the transaction.
It should also be clarified that the contractual structure of the transaction does not provide for any earn-out mechanism, future profit-sharing arrangement or equivalent instrument in favor of Daniel Vorcaro, a claim that finds no support in the documents that formalized the deal.
Likewise, Itaminas and its partners were never notified or contacted by the liquidator of Banco Master, a circumstance that further demonstrates the complete groundlessness of the insinuations of any irregularity or fraud.
Finally, it should be noted that Itaminas was not previously contacted by the publications responsible for the reports to present its position or provide clarification, which prevented the correct information from being considered before the content was published.
The company remains available to the authorities and the press for any additional clarification.
Itaminas Comércio de Minérios S.A.