Analogy 1: Freeport-McMoRan, but primarily focused on zinc and other base metals.

Analogy 2: A Vale S.A. or BHP Group, but specialized in zinc mining and smelting.

• Zinc: A base metal primarily used in galvanizing steel to prevent corrosion, and in alloys like brass.
• Copper: An industrial metal essential for electrical wiring, plumbing, and construction due to its high conductivity and malleability.
• Lead: A dense, corrosion-resistant metal used in batteries, radiation shielding, and specific alloys.
• Silver: A precious metal used in jewelry, coinage, electronics, and industrial applications due to its high conductivity.
• Gold: A precious metal primarily valued for investment, jewelry, and its use in electronics.

Nexa Resources (NEXA) Major Customers

• Metal Smelters and Refiners: These companies process the raw zinc, lead, and copper concentrates into refined metals. They also purchase refined zinc for further processing or sale.
• Industrial Manufacturers: Businesses that utilize refined zinc, lead, and copper in their production processes. This includes companies involved in:
  • Galvanizing: For coating steel to prevent corrosion.
  • Die-Casting: For automotive parts, electronics, and hardware.
  • Brass Production: An alloy of copper and zinc used in various applications.
  • Battery Manufacturing.
  • Chemical Industries.
  • Construction and Infrastructure.
• Metal Traders and Brokers: These entities act as intermediaries, buying large volumes of metals and concentrates from producers like Nexa and selling them to end-users or other market participants globally.

Ignacio Rosado President and Chief Executive Officer

Mr. Rosado has been Nexa's Chief Executive Officer since January 2022. He brings over 16 years of experience in the metals and mining industry, with extensive board experience across various countries. Prior to joining Nexa Resources, he served as CEO of Volcan Compañia Minera S.A.A. from 2014 and as Deputy CEO since 2010. He led the initial public offering of Hochschild Mining Plc, including its acquisition strategy for Canadian Mining Assets. Mr. Rosado also oversaw the reorganization and transformation of Volcan Compañia Minera S.A.A., which involved the construction of two new polymetallic mines and the issuance of over US$1 billion in bonds. He previously served as Director and Chief Financial Officer at Hochschild Mining Plc.

José Carlos del Valle Senior Vice President of Finance and Group Chief Financial Officer

Mr. del Valle was appointed Nexa's Senior Vice President of Finance and Group Chief Financial Officer on October 3, 2022. He possesses extensive knowledge of the metals and mining industry and more than 25 years of experience in finance and planning. Before joining Nexa, Mr. del Valle spent nine years as CFO at Compañía Minera Antamina, where he spearheaded a successful company-wide transformation program and a US$1 billion syndicated loan financing initiative. Earlier, he was CFO of Volcan Compañia Minera, where he led the successful issuance of a US$600 million 10-year bond. His career also includes leadership positions at companies such as McKinsey & Company, Standard Chartered Bank, and Wells Fargo Bank.

Jones Aparecido Belther Senior Vice President of Technical Services & Business Development

Mr. Belther has served as Nexa's Senior Vice President of Technical Services & Business Development since October 2024. He has over 30 years of experience in operations. Prior to this, he held the same position at Votorantim Metais S.A. from 2004 to 2014 and was country manager at Vale in Peru from 2002 to 2004. His experience includes working with companies such as Rio Tinto Brasil, Golden Star Resources, and Phelps Dodge.

Leonardo Nunes Coelho Senior Vice President of Mining Operations

Mr. Coelho has been Nexa's Senior Vice President of Mining Operations since 2017. He has over 20 years of experience managing mining operations, with a particular focus on gold and zinc. Before joining Nexa, Mr. Coelho spent 15 years at Anglo Gold Ashanti Ltd., where he led mining operations and expansion projects, and served as General Manager of the Cuiabá and Lamego complexes.

Mauro Boletta Senior Vice President of Smelting Operations and Commercial

Mr. Boletta has served as Nexa's Senior Vice President of Smelting Operations and Commercial since 2016. With over 30 years of experience in operations, he joined Votorantim Metais S.A. in 1986, working in various production areas. From 2010 to 2011, he was responsible for the design review of an aluminum smelter in Trinidad and Tobago.

The accelerating global trend towards decarbonization and increasingly stringent Environmental, Social, and Governance (ESG) criteria poses a fundamental emerging threat to Nexa Resources.

This escalating pressure is manifesting in several ways:

• Increased Operational and Capital Costs: Nexa faces rising expenses due to heightened regulatory compliance, potential carbon taxes, and necessary investments in greener mining technologies and emission reduction strategies across its operations.
• Challenges to Social License to Operate: There is growing scrutiny from local communities, non-governmental organizations, and governments regarding the environmental and social impacts of mining activities. This can lead to project delays, operational restrictions, or difficulties in obtaining new permits and expanding existing facilities, particularly in sensitive operating regions like Brazil and Peru.
• Restricted Access to Capital: A growing segment of investors and financial institutions are integrating ESG factors into their investment decisions and lending practices. Nexa could face limitations in accessing capital from ESG-focused funds or encounter higher financing costs if its decarbonization pathway or overall ESG performance is perceived as inadequate, impacting its ability to fund future growth or sustain operations.

Nexa Resources (NEXA) operates in the global market, with its main products being zinc, copper, lead, and silver. The addressable markets for these products are as follows:

• Zinc: The global zinc market was valued at approximately USD 36.26 billion in 2024 and is projected to reach USD 54.11 billion by 2032. In terms of volume, the global zinc market stood at approximately 14,014 thousand tonnes in 2024 and is anticipated to grow to approximately 19,272 thousand tonnes in 2035.
• Copper: The global copper market size was estimated at USD 241.88 billion in 2024 and is projected to reach USD 339.95 billion by 2030. Another estimate places the global copper market size at USD 333.15 billion in 2024, with a projection to reach around USD 548.20 billion by 2034.
• Lead: The global lead market was valued at USD 23.34 billion in 2024 and is expected to reach USD 37.20 billion by 2032. Other reports indicate the global lead market size was valued at USD 22.25 billion in 2024 and is expected to reach USD 37.08 billion by 2033.
• Silver: The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow to USD 202.07 billion by 2033. The global silver target market size was estimated at USD 27.3 billion in 2023 and is expected to cross USD 44.9 billion by 2033.

Here are 3-5 expected drivers of future revenue growth for Nexa Resources (NEXA) over the next 2-3 years:

1. Aripuanã Mine Ramp-up: The Aripuanã mine is a significant growth project for Nexa Resources. The fourth filter installation at Aripuanã is on track for commissioning in early 2026, with full capacity expected to be achieved in the second half of 2026. This ramp-up is anticipated to contribute to increased production volumes and has already shown positive adjusted EBITDA due to enhanced operational efficiency and strong zinc prices.
2. Cerro Pasco Integration Project: This strategic project is expected to extend the operational life of the Cerro Pasco complex by more than 15 years and enhance profitability. Phase 1 of the project, focusing on the tailings pumping and piping system, is progressing well, aligning with the company's growth strategy and commitment to extending asset life. The full resumption of operations at the Cerro Pasco Complex was announced in August 2025.
3. Expansion of Copper Production and New Market Entry: Nexa Resources aims to maintain its relevance in zinc while actively expanding its copper production and boldly entering new markets, potentially through mergers and acquisitions. The company's CEO has emphasized a focus on growing in the zinc and copper markets. In 2024, copper sales experienced growth, driven by infrastructure development projects and the rising demand for electric vehicles.
4. Favorable Metal Prices: Fluctuations in the prices of key metals such as zinc, copper, lead, and silver directly impact Nexa's revenue. Recent earnings reports indicate that higher average LME (London Metal Exchange) prices have contributed to increased net revenues and Adjusted EBITDA. For example, silver prices averaged $29 per ounce in the third quarter of 2024, a 25% increase year-over-year, with positive short-term fundamentals driven by the energy transition.

Outbound Investments

• In July 2025, Nexa Resources El Porvenir S.A.C., a subsidiary of Nexa Perú, increased its ownership in Nexa Resources Atacocha S.A.A. from 82.11% to approximately 83.00% through a Voluntary Public Tender Offer.

Capital Expenditures

• Nexa Resources maintains its 2025 capital expenditure guidance at US$347 million.
• Approximately US$316 million of the 2025 CapEx is allocated to sustaining investments, with US$225 million for mining and US$89 million for smelting activities.
• Strategic investments within the 2025 CapEx include US$44 million for Phase I of the Cerro Pasco Integration Project, which is expected to be commissioned in 2026, and US$70 million for exploration and project evaluation.