Nexa Resources S.a. · NYSE:NEXA
Nexa Resources — Investor Presentation (January 2026)
36 slides from Nexa Resources's investor presentation, January 2026
Slide 1: Institutional January 2026
Institutional January 2026 Cerro Lindo Mine, Chincha Province, Peru
Slide 2: Corporate Structure
Corporate Structure Votorantim is Nexa’s Controlling Shareholder o Votorantim S.A. (“VSA”) (BBB/BBB/Baa3)1 is one of Brazil’s largest conglomerates and holds ~64.7% of Nexa’s equity. VSA is a permanently capitalized investment holding company with a Free Float long-term approach, focused on deliveri
Slide 3: Nexa at a Glance
USA Nexa at a Glance Houston (Sales office) Luxembourg A top 6 global zinc producer, leading in Americas, integrated (Corporate HQ mining & smelting, +65 yrs of experience. Nexa operates 5 & Sales office) polymetallic mines (4 underground, 1 open pit) and 3 zinc Peru smelters across Brazil and Peru.
Slide 4: Business strengths
Business strengths 4. Proven track-record of Reserve 1. Unique position in Latam, with and Resource growth a strategic global commercial +85% increase2 in Mineral Reserves at our operating mines since 2012 footprint 4 world-class polymetallic mines and the 5. Commitment to best-in-class ESG largest
Slide 5: Flagship Mining Operations
Flagship Mining Operations Highly competitive, polymetallic mines, mostly underground Consolidated Operational 2025 Guidance (kt)3 Cash Flow (US$MM)4 400-500/year Cerro Lindo (7 yrs LoM)¹ Zn Cu Pb Ag MMoz Largest UG polymetallic mine 2024 Consolidated Zinc Production (kt) in Peru 86 El Porvenir 4,0
Slide 6: Flagship Smelting Operations
Flagship Smelting Operations Regional leadership (high premium markets) | High production scale operations | access to competitive raw material Consolidated Operational Total Sales2 Cash Flow (US$MM)3 160-180/year 2024 2025e 2026-27e Nexa Smelting: High profitability → high premium markets, competit
Slide 7: Our Strategy
Our Strategy | Value Drivers and Key Objectives Mining Financial Strategy Fina וAripuanã (full capacity) and Cerro Pasco integration nc וImprove capital efficiency and financial flexibility >> gross g ial project → expected to add +US$100-140M/yr1 in in debt reduction; n operating cash flow; S
Slide 8: Strategic Catalysts
1 Aripuanã Strategic וFourth tailings filter on track to unlock full production Catalysts potential and strengthen cash generation וLoM1 = 15y (reserves)²; 25y+ (resources)³ Key Drivers 2 Cerro Pasco Integration Project of Long- > ו15y4 LoM & NSR uplift5 וIn a well-known, high potential m
Slide 9: Aripuanã
Aripuanã A long-life, Tier-One Asset Delivering Steady Gains 1 Treated ore (3Q25): 420kt +39% New quarterly record vs. 2Q25 Reflecting continued Zn production (3Q25): 10.4kt +70% operational stability Highlights: 4th tailings filter has arrived at the site in early November 2 Next steps: Civil works
Slide 10: Cerro Pasco Integration | Robust Organic Growth
Cerro Pasco Integration | Robust Organic Growth Enabling access to a relevant volume of mineral resources from the underground Atacocha Unlock the underground geological potential of Atacocha Atacocha Integración El Porvenir ( וA) Atacocha: strong UG geological potential (not operating since 2020)
Slide 11: Cerro Pasco Integration | Status
Cerro Pasco Integration | Status Phase I Execution making steady progress. Phase II studies advancing Phase I 1Q25 2Q25 3Q25 4Q25 וEP TSF raising: 4070 level Completion of detailed Tailings Pumping Acquisition of all Completion of וTailings Pumping System EP (ongoing) engineering. System recei
Slide 12: Mineral Exploration
Mineral Exploration | Solid track-record Increasing Mineral Reserves and Resources base Robust pipeline and consistent investments to replenish and increase Mineral Reserves and Resources base (current operations and projects) Peru Brazil 1 Presence in 3 countries with a total of more than 75km of d
Slide 13: Copper growth and LoM extensions to drive value
Copper growth and LoM extensions to drive value Growth built on strong base of Cerro Lindo, Aripuanã, Vazante and Cerro Pasco Integration Strategic Portfolio of Zinc & Copper in Different Jurisdictions Strategic Growth Outlook Examines inorganic opportunities under clear guidelines, in line with Nex
Slide 14: Mining-smelting Integration
Mining-smelting | Integration Integration >> a key driver to navigate through different price scenarios Mining & Smelting Integration1 Own Mines 50% Historical Adj. EBITDA (US$ M) vs. LME zinc With Aripuanã prices & Treatment Charges at full production 3.478 274 3.400 300 3.007 2.779 250 2.770 2% 60
Slide 15: ESG Our commitments and advancements
ESG Our commitments and advancements Cajamarquilla Smelter – Lima, Peru
Slide 16: ESG
Emission reductions Safety and Neutrality וAbsolute reduction of scope 1 emissions by 20% Public Goals Zero fatalities in all operating Consolidate all units in the (52 ktCO2e), keeping Nexa’s electrical energy matrix almost entirely composed of renewable sources. units first quartile1 2030 וR
Slide 17: ESG 3Q25 Highlights & Awards
ESG 3Q25 Highlights & Awards וPERUMIN Seal of Excellence in Gender Equity awarded by Peru’s leading mining conference Sustainability & וLaunching of “Nexa Transforma”, unifying and scaling up our Community existing social initiatives in Brazil Engagement וInvestments in infrastructure at ou
Slide 18: Credit Overview and Financials
Credit Overview and Financials Cajamarquilla Smelter – Lima, Peru
Slide 19: Rating Agencies | Credit Overview
Rating Agencies | Credit Overview S&P and Fitch Ratings link Nexa’s rating closer to VSA, whereas Moody’s primarily assesses the company on a standalone basis Nexa Brazil brAAA Stable10 1 וNexa reduced leverage significantly in 2024, driven by favorable zinc prices, operational strength, and disc
Slide 20: Financial Highlights
Financial Highlights Net Revenues1 (US$ million) LME Zinc Prices (US$/t) 2,779 2,770 2,647 2.573 2.766 2.099 Capex (US$ million) Others HS&E Sustaining Expansion projects 309 277 2023 2024 9M25 227 293 268 218 Adjusted EBITDA2 (US$ million) 2024 Adj. EBITDA US$714 million, Adj. EBITDA Margin solid p
Slide 21: Investment Grade: Liquidity, Indebtedness and Credit Rating
3Q25 | Liquidity, Indebtedness and Credit Rating Debt profile (as of Sep 30, 2025). Long-term avg. debt maturity: 7.4 years @6.23% avg. cost Debt amortization schedule (US$ million) 790 Gross debt: US$1,834 Bonds Outstanding (1) 607 RCF 320 528 Rating Rating Outlook Agencies Investment Grade BBB- St
Slide 22: LM 2025 | Inside the Deal
LM 2025 | Inside the Deal Investor appetite, precise execution, and strategic impact Footprint Allocation Non-deal Roadshow US$500 mm 5-day meeting high-quality investors in London, Boston and Coupon: 6.600% Yield / Price: 6.613% / 99.893 +100 Investors NYC (~83 investors) Strategic Window Capturing
Slide 23: Nexa’s Bonds vs. Market
Nexa’s Bonds vs. Market Nexa’s Bonds Nexa’s Investor Footprint Bond Price Value1 Coupon Outstanding2 (US$ mm) 2028 101.98 6.500% 111 2034 106.82 6.750% 600 2037 103.52 6.600% 500 2034 2037 North America 62% 66% G-Spread volatility in 2025 IG Corporate’s and Sovereign (bps)3 Europe & UK 27% 29% LatAm
Slide 24: Key Financial Highlights
Key Financial Highlights Net Revenues (US$ M) (US$ million) Adj. EBITDA1 (US$ M) & Adj. EBITDA Margin (%) (US$ million) Intersegment Sales & Adjustments Smelting Mining Intersegment Sales & Adjustments Smelting Mining Adj EBITDA Margin 21% 28% 26% 25% 16% 3,034 744 745 2,622 2,766 714 2,573 1,951 1.
Slide 25: Market Outlook
Market Outlook Cajamarquilla Smelter – Lima, Peru
Slide 26: Zinc Uses and Demand | Value Chain and Markets
Demand Sales Zinc Uses and Demand | Sales Breakdown1 World Value Chain and Markets Construction A metal connected to “real economy” and energy transition 50% 16% Transport Materials Mining Recycling Co- 21% 21% Input Raw concentrates (EAF dust, Dross…) Products (Ag/Pb Infrastructure Concentrates, Su
Slide 27: Zinc Global Balance | Supply x Demand Cycle
Zinc Global Balance | Supply x Demand Cycle Zinc Market in 2024 and 2025 וGlobal Concentrate and Refined Supply decreased by 2% and 5%, respectively (vs. 2023); Prices וTight concentrate market + Low TCs >> pressure on smelters margins >> reduced metal decline availability + Low Zn metal inven
Slide 28: Zinc Market
Zinc Market LME price evolution1 (US$/t) Short-term: וConcentrate supply is gradually improving. Utilization remains uneven due to ongoing cost pressures Tariff’s וSeasonal and logistical constraints may sustain short-term announcements 3,260 concentrate tightness, limiting near term supply re
Slide 29: Copper and Silver Markets
Copper and Silver Markets LME price evolution1 (US$/t) Short-term: וSupply disruptions are narrowing the surplus outlook, tightening the near-term balance וDemand remains supported by infrastructure, electrification, and 13,310 the expansion of AI technologies Tariff’s וPrices are holding e
Slide 30: LME Week | Zinc Fundamentals Reinforce Nexa’s Strategic Edge
LME Week | Zinc Fundamentals Reinforce Nexa’s Strategic Edge Key themes shaping Zinc market The world can re-wire Macro & Sentiment: with aluminum, but it • Macro backdrop volatile: trade tensions and tariffs stirred uncertainty, keeping investors risk-averse; cannot galvanize without Zn. • Sentimen
Slide 31: LME Week | What we are Watching
LME Week | What we are Watching Key themes shaping Zinc market 1 Focus Area 2 Why It Matters 3 Our View | Nexa’s Position Trending toward ~US$130-180/t, supporting Treatment Charges Benchmark shaping 2026 smelter margins margin recovery Indicator of investor sentiment and market Holding near US$3,00
Slide 32: Our Focus and Priorities
Growth Cerro Pasco Integration Project on track: extends operational life by 15+ years with higher profitability Our Aripuanã Enhance Nexa’s sustainable cash flow generation Focus and Exploration Priorities Driving LOM extension. Expanding and improving our value-added zinc integration Active ESG st
Slide 33: Disclaimer
Disclaimer These forward-looking statements related to future events or future performance and include current estimates, predictions, forecasts, beliefs and statements as to management’s expectations with respect to, but not limited to, the business and operations of the Company and mining producti
Slide 34: Thank you!
Subscribe to our Mailing List Thank you! IR Contact: ir@nexaresources.com https://ir.nexaresources.com
Slide 35: Backups
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Slide 36: Zinc | Value Chain
Zinc | Value Chain Metal Pricing ($/ton): Legend: Revenue/ Cost Flow $/t = LME Zn + Metal Premium Product Flow Mines Products Smelters Products Primary Underground Mine Zinc Concentrate Smelters convert concentrate into Metallic Zinc (main) Consumers Open Pit Mine Zn metal Zinc oxide by-products Zin
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